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Auswide Bank Announces Divestment of MoneyPlace Equity Stake

Auswide Bank Ltd (ASX:ABA) (“Auswide Bank”) today announced that it has entered into an agreement to divest its equity stake in P2P lender MoneyPlace.

The transaction is expected to complete in January 2018. Details of the transaction are confidential however Auswide Bank expects the transaction to have a positive impact on its full year financial results.

Auswide Bank will continue to utilise the MoneyPlace platform to originate consumer finance business and seek to grow its consumer lending book.

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