The Hanover Group bought Elders Finance in 1999 and believed it had bought the brand, name and goodwill.
However earlier this year the rural services firm Elders New Zealand went to the High Court and challenged Hanover over the use of the name.
Yesterday a brief announcement was made confirming the change.
"The 'Elders' name is one that is used extensively in Australia and by Elders New Zealand Ltd and associated companies in connection with the New Zealand rural sector. "It is in both parties' best interests that they are seen as unique and unrelated and are not confused with each other."
Hanover said: "The name Hanover is already familiar to our investors and offers an excellent strategic fit with the business."
The announcement comes after Hanover has put considerable resources into building up and promoting the Elders Finance brand by using former Television New Zealand newsreader Richard Long.
Last year Hanover changed the name of its home loan business from Elders Home Loans to United Home Loans.
| « Tax changes may benefit passive funds | Sovereign takes regulation bull by the horns » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved