GE Money Australia and New Zealand will sell its Wizard Home Loans brand and franchise network in Australia to Aussie Home Loans for an undisclosed amount.

As part of the deal, Commonwealth Bank of Australia will acquire up to $4 billion of mortgages originated by Wizard, GE Money said in a statement on Wednesday.

GE Money will continue to service all existing loans that it is retaining in the normal way, GE Money said in a statement.

The Age