Deposit rate news briefs
New ceo at Nationwide, What do you want to know about Dominion Finance? Nathans Finance to set up in US, Provincial Finance update
Wednesday, July 19th 2006, 10:44AM
Nationwide Finance’s new chief executive Steve Wilson “will be pursuing new business strategies that will lock in the achievements of the past and position the company for future growth and success.”Wilson, who has 19-years banking experience with Westpac and BNZ says he is enthusiastic about the opportunities for Nationwide Finance.
He believes the business is in an excellent position to capitalise on its longevity and reputation as one of New Zealand’s leading finance companies.
“The challenge for me as the new chief executive is to take this established and well regarded diversified New Zealand finance company and help it realise its full potential.
“Nationwide has been a quiet achiever in the finance sector for more than three decades. There is great opportunity to further grow the business through the introduction of new and targeted products that meet the changing needs of the small to medium size business owners, and property investors and developers who are our client base.”
Nathans Finance subsidiaries to start in US
Listed vending machine business VTL Group is planning to set up finance companies in Australia and the United States to lend to people buying VTL's franchises.
VTL chairman Gary Stevens expected the two finance companies to be registered within the next four months, adding between $6 million and $10 million to the lending book in the first year.
The new finance companies would be subsidiaries of VTL-owned Nathans Finance, which had assets of $155 million as at the end of December.
They will raise funds on the local wholesale markets to lend to people buying VTL's 24seven and Shop24 vending machine franchises.
What do you want to know about Dominion Finance?
Good Returns', sister site sharechat.co.nz runs a regular Investor Interview series where you get to put your questions to the ceo of a listed company.
The next Investor Interview is with Dominion Finance boss Terry Butler. If you have a question you would like answered please click here
Provincial Finance update
The receivers of Provincial Finance are still expecting to make an interim distribution to debenture holders, along with a full update on the status of any restructure by the end of September.
An initial distribution is likely to be between 10 and 20 cents on the initial investment made.
PricewaterhouseCooper " remain hopeful that if the collection of the loan book is successful, investors should receive most if not all of their initial investment back".
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