Wizard Home Loans, one of New Zealand's largest non-bank home lenders, has been put up for sale by its parent, GE Money.
GE Money says it is "considering strategic options" for Wizard, including a partnership, joint venture or sale. During the process it will keep offering loans andexisting services to new and current customers.
GE Money Australia and NZ chief executive Mike Cutter described the sales process to the Australian newspaper.
"A different ownership structure will allow GE Money to make the best use of capital and focus on higher returning segments that better leverage our core strengths," Cutter told the newspaper.
He denied a fire sale was planned and said GE Money would not sell Wizard for less than it bought it.
GE Money bought Wizard and Australian Financial Investment Group for A$500 million ($607 million) five years ago.
Australia and New Zealand are the only countries in GE Money globally that used a franchise model.
The newspaper has reported that Wizard founder and chairman Mark Bouris has spent the past three months devising a plan with franchisees to take back control of the company and the plan could be derailed by the GE decision to put Wizard up for sale.
Wizard began in 1999, opening its first branch in New Lynn, Auckland.
