About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, June 30th, 7:00PM
rss
Latest Headlines

Little guys down south get bigger

One of New Zealand's smaller financial services firms has spent $61 million to acquire two other firms.

Monday, January 22nd 2001, 11:39PM

Pyne Gould Corporation (PGC) has moved further into the financial services industry with the purchase of Marac Finance and Marac Securities for $41 million, and most of Dunedin-based Allied Finance for $20 million.

Marac is well-known in the financial planning industry through its previous name UPC Securities and its involvement in putting together property syndications for nationwide advisory chain Money Managers.

Frontline Finance was launched a few years ago with a portfolio of loans from Motor Trade Finance.

With previously acquired Allied Finance, PGG now has three finance companies straddling the key markets of vehicle financing, plant and equipment financing and property development financing.

The company has grown its term deposit and debenture business, and plans to expand that area.

PGC managing director Richard Elworthy says the company will be looking to work more closely with financial planners.

Besides these latest acquisitions Christchurch-based PGC also owns funds management firm Perpetual Trust.

Elworthy says before the latest purchases the company was split 50:50 between rural servicing and financial services. Now its business is 70:30 in favour of financial services.

He says by reducing its relative exposure to the cyclical rural sector PGC will have more stable earnings.

He says there's lots of opportunities for PGC to develop its financial services. The latest acquisitions will sit alongside Perpetual.

The group will

Elworthy says PGC didn't wish to buy Frontline's Direct Home Loans mortgage business.

The total assets of the PGC group are $660 million.

« News Round UpGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.49 ▼5.10 5.59 5.59
ANZ Special - - ▼4.99 -
ASB Bank 6.50 5.49 5.49 5.75
ASB Bank Special - 4.99 5.10 5.39
BankDirect 6.50 5.49 5.49 5.75
BankDirect Special - 4.99 5.10 5.39
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Special - - 4.99 -
BNZ - Std, FlyBuys 6.49 ▼5.19 5.39 ▼5.29
BNZ - TotalMoney 6.34 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.39 ▼5.39 5.39 ▼5.39
HBS Special - 4.99 ▼4.99 ▼4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.40 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.95 4.95 5.40
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.40 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.85 5.49 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.39 ▼5.39 5.39 ▼5.39
SBS Bank Special - 4.99 ▼4.99 ▼4.99
Sovereign 6.60 5.49 5.10 5.75
Sovereign Special - 4.99 5.10 5.39
The Co-operative Bank 6.45 5.15 ▼4.99 5.35
TSB Bank 6.49 ▼5.45 ▼5.49 5.75
TSB Special - - ▼4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.40 5.49 5.49 5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.40 - - -
Westpac Special - - 4.99 -
Median 6.49 5.45 5.40 5.40

Last updated: 29 June 2015 10:36am

News Quiz

The Rural Bachelor of the Year competition at Fieldays this year was sponsored by whom?

Fonterra

Fidelity Life

OnePath

Sovereign

Partners Life

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com