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Published 27 August 2013 11:40, Updated 27 August 2013 12:09
Dominic Lambrinos, CEO of EasyBiz, has a wealth of experience in the finance and accounting sector. Photo: Peter Braig
A consortium of Chinese investors has raised its stake in non-bank business lender EasyBiz to just over 50 per cent, with plans to control up to 80 per cent of the company.
The group will provide funding through EasyBiz, which chief executive Dominic Lambrinos says could see revenue raised to over $2 billion. “We would expect to double the number of loans we write,” Lambrinos said.
Mr Lambrinos said the lending standards of the major banks are getting tighter, despite the global financial crisis taking place more than five years ago. But Mr Lambrinos is not complaining because this has allowed his company to write more than $1 billion in business loans in fiscal 2013.
“I think the banks are getting tighter,” Lambrinos said. “But with just a handful of banks running the market what would you expect?”