The face of Aussie Home Loans John Symond appears to have reaped $185 million after CommBank purchased a major share of the business, which was set up to take on the big banks.
According to Fairfax Media, Symonds received the multi-million dollar pay-day in Commonwealth Bank shares.
While the price of the deal — which saw CommBank increase its ownership to 80% — had previously been undisclosed, Clancy Yeats at Fairfax has reported investors were told today nearly 2.75 million new shares were issued in relation to a December 2012 deal with Symond and a company he owns, Dawnraptor Pty Ltd.
Fairfax reports the deal being referred to is the sale of Aussie to CommBank, and CommBank paid Symond mainly in stock for the expanded stake in Aussie.
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