BNK Banking Corporation Limited announced that it has reached non-binding agreement in principle on the key commercial terms for an initial term of five years alliance with Goldman Sachs with an intent to originate, fund and securitise residential mortgages in Australia.
As part of the alliance, Goldman Sachs will provide funding and act as arranger,
structuring agent and distributor while BNK will act as originator, servicer and trust
manager for a securitisation program with an uncommitted facility limit of AUD 500
million. The alliance is subject to the agreement and execution of formal transaction
documents, which are currently being finalised. A further announcement will be made
in due course.