By Gareth Vaughan
SBS Bank, whose gross lending shrank by 8% in the year to March, returned to growth in the June quarter helped by the acquisition of a portfolio of reverse equity mortgages.
SBS bought a portfolio of reverse equity mortgages valued at $46 million in May. The deal significantly grows SBS' exposure to reverse equity mortgages from its about $15 million SBS Advance portfolio.
Tim Loan, SBS' general manager for finance, told interest.co.nz the acquisition was an opportunity that came up.
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