He replaces Christine Todd, who has resigned from the board of LBS to pursue other interests.
Bonifant is chairman of Housing New Zealand Corporation and Motor Trade Finances, as well as a director of Williams and Kettle and Rural Equities.
He is also on the board of several companies in Canterbury, where he farms a family property near Ashburton. Established in 1909, LBS is a retail-funded mortgage lender with customers in farming, commercial and private sectors. It was one of the first companies to list on the NZAX in November last year.
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