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Wizard Home Loans is to be offered for sale with an announcement expected this week, The Australian reports.

GE Money, which owns the mortgage lender, has opted for the sale to stave off a bid by Wizard founder and current chairman, Mark Bouris, who is seeking to take back control of the company.

Mr Bouris was believed to have asked GE to pay him millions of US dollars upfront to run the business - plus a stake in the company - so he could sell it at a later date, The Australian reported on Monday.

GE was believed to be attempting to avoid having to strike a deal with Mr Bouris by finding an alternative buyer this week.

Confirmation of the sell-off plan was expected at the NSW state franchisee meeting in Parramatta, Sydney, on Wednesday.

The mortgage lender has suffered difficult trading conditions as a result of the global credit crunch and high interest rates, triggering the collapse or sale of some branches.

Tags: alternative, anc, business, cement, collapse, company, confirmation, franchisee, global credit crunch, high interest rates, home loans, lt, mark bouris, mortgage lender, nsw state, parramatta, sydney, wizard home loans

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