Snowball enters a joint venture with Big Sky Credit Union, and looks to grow its financial advisory through WA acquisitions.
Subsidiary of financial services group Snowball Outlook Financial Solutions has entered into a joint venture with Big Sky Credit Union, to provide financial planning services.
Outlook now holds a 49 per cent stake in the new business, with the rest held by Big Sky.
Named Big Sky Financial Solutions, the joint venture will provide advice on financial planning, insurance, taxation and self managed super funds to the credit union's 30,000 members, and to employees of the various employer groups, including BHP Billiton, BlueScope and BP.
Initially, the new business will make use of Outlook's group of 30 financial advisers, but Snowball managing director Tony McDonald said the joint venture will look for both organic growth and growth through acquisitions.
"We would be very interested in practices in Western Australia, because there are quite a lot of members over there," he said.
McDonald did not want to say whether the group was in discussions with a potential takeover target.
Big Sky Credit Union provides banking services to members in Hedland (WA), Newman (WA), Moranbah (Qld) and Roxby Downs (SA). It has more than $350 million in total assets, and a loan portfolio of $280 million.
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