Axa sells Members Equity stake

Axa is to sell its 50 per cent share in boutique bank Members Equity to Industry Fund Services, the holder of the other 50 per cent. The $95 million price tag is more than three times the value of the bank in Axa's books.

Industry Fund Services is a syndicate of industry superannuation funds headed by executive chairman Garry Weaven. Mr Weaven said minor disagreements between the JV partners had resulted in IFS approaching Axa to buy out its stake.

Members Equity, which developed from Super Members Home Loans, has a mortgage asset base which grew 30 per cent last year to $5.3 billion. Recently it added credit card and deposit account products to its customer offerings.