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BNK Banking Corporation (BNK) has announced the completion of a $13m capital raising from new and existing institutional investors.
Brett Morgan, CEO of BNK, said the funding, aside from providing a general working capital, will also help the banking division meet its targets this year.
"The successful raising will underpin the continued growth of the bank’s loan book and supports the establishment of the recently announced securitisation program," he said.
ASX-listed BNK, which owns the aggregator Finsure, recently made a deal with Goldman Sachs, which will provide the bank with a $500m residential mortgage warehouse facility along with a $250m warehouse program provided through a large domestic bank and Blackstone.
The deal sealed a five-year alliance with Goldman Sachs. As part of the deal, Goldman Sachs will provide funding and act as arranger, structuring agent and distributor while BNK will act as originator, servicer and trust manager.
"This alliance is a strong endorsement of the scale, uniqueness and value of BNK’s residential mortgage lending capabilities," Morgan said.
