Australia's Resimac Group slips after corporate watchdog sues unit

Resimac

21/05/2025 03:21

** Shares of Resimac Group RMC.AX fall as much as 4.1% to A$0.815, their lowest level since April 7

** Stock heads for worst session since April 7, if losses hold

** Non-bank lender acknowledges civil penalty proceedings commenced by Australia's corporate regulator in the Federal Court against unit

** Claims allege that unit failed to conduct obligations regarding hardship notices submitted by vulnerable customers

** Australian Securities and Investments Commission (ASIC) alleges Resimac imposed a 'one size fits all' approach to hardship applications

** Stock down 16.2% YTD

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))