Experian heads down under with joint venture5 May 2011
Data provider Experian has established a joint venture in Australia.
The Nottingham-based company will create a credit bureau alongside six Australian financial institutions, it said today.
The new office aims to help lenders assess risk and provide credit more efficiently and consistently, said Experian.
Once regulatory clearance has been granted, the joint venture company Experian Australia Credit Services will be established with initial gross assets of £19.4m (A$30m).
Experian will be responsible for the operations of the credit bureau and own 76 per cent of the entity.
ANZ, Citibank, Commonwealth Bank of Australia (CBA), GE Capital, National Australia Bank (NAB) and Westpac Banking Corporation will all own the remaining 24 per cent of the venture.
The formation of the joint venture is subject to regulatory approval.