Last Bastion for Equitable

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Equitable has closed down its second-tier finance business, Bastion Finance, due to the changing market conditions.

Tuesday, January 13th 2009, 9:31PM

Bastion was launched in June 2006 and was designed as a second tier mortgage and asset based financier by Equitable. The company hoped to take advantage of its expertise as a property financier and opportunities that existed within its wider shareholder group.

However, the business has now been privatised.

The factors behind this move are the deteriorating national and global economic conditions, plus the government’s deposit guarantee scheme.

Bastion Finance marketing manager Andrew Mexted-Bragg says the company considered seeking a guarantee, but after considering the costs associated with having the guarantee as an unrated entity the management decided that it was in the investors' best interests to give them the opportunity to exit their investment in Bastion.

Investors were given the choice of being repaid or transferring to Equitable investments.

Mexted-Bragg says under this privatisation strategy all individual investors have been accommodated.

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