For Firstmac to make a takeover offer, they need the Federal...

For Firstmac to make a takeover offer, they need the Federal Treasurer's approval under the Financial Sector (Shareholdings) Act to hold above 20%. Firstmac had Treasurer's approval in 2017 to buy BNK (when it was known as Goldfields Money) but BNK went with the Finsure acquisition instead. Firstmac then tried to buy Maleny Credit Union, but Josh Frydenburg wouldn't approve it. I'm not sure what Mr Charmers' attitude to it would be or even if he has the time to think about it, but I expect consolidation in the sector will continue over the next 5-10 years, and BNK with an on balance sheet loan book of over $1.3B and a good distribution arm in Better Choice Home Loans should start to look attractive to somebody that could acquire it and integrate it efficiently.