National Mutual & Industry Funds JV

National Mutual and Industry Funds Services are forming a joint venture to provide a range of banking style products.

Details of what exactly is to be made available in terms of products or services have yet to be released. However according to the new Chief Executive of the joint venture Mr Anthony Wamsteker, ‘the end result could be a major new source in Australian banking and add significantly to the competitive environment'.

Mr Wamsteker also added that ‘this inititative is all about accelerating the growth of National Mutual's and IFS' retail lending products and building on that platform other banking style products'.

With National Mutual having 1.5 million customers and IFS 4 million members the joint venture certainly has a substantial existing database through which to market and distribute these new products.