Creation of joint venture in Australia
Experian plc
Creation of joint venture in Australia
5 May 2011 - Experian, the global information services company, announces its agreement to establish a credit bureau with six of Australia's leading financial institutions to provide consumer and business credit information in Australia. The formation of the joint venture is subject to regulatory approval.
The new bureau will enable lenders to assess risk and provide credit more efficiently and consistently, particularly in light of forthcoming plans to permit positive data sharing, which is currently under consideration by the Australian government. The joint venture builds on the financial sector relationships Experian has established in Australia through its Decision Analytics business.
Experian will be responsible for the operations of the credit bureau and will own 76% of the entity. The following six financial institutions will own 24% of the venture: ANZ, Citibank, Commonwealth Bank of Australia (CBA), GE Capital, National Australia Bank (NAB) and Westpac Banking Corporation.
On receipt of regulatory clearance the joint venture company, Experian Australia Credit Services Pty Ltd, will be established with initial gross assets of A$30m.
Contact
Experian
Nadia Ridout-Jamieson Director of Investor Relations +44 (0)20 3042 4215
James Russell Public Relations Director
Finsbury
Rollo Head +44 (0)20 7251 3801
Don Hunter
About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.
This information is provided by RNS
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