Smith leaves Sovereign
Adrienne Smith has resigned as the general manager of home loans at Sovereign to take up a newly created role as chief operating officer at NZ Finance.
Tuesday, May 1st 2007, 6:44AM
During her tenure at the head of Sovereign Home Loans, the company has strengthened its position as the country's leading non-bank home loan lender.
Last financial year the level of loans it settled increased by 24% to $2.43 billion. In the 9 months to 30 April, Sovereign has already settled more than $1.8 billion. At the end of March 2007, the size of Sovereign’s home loan portfolio stood at $6.4 billion.
An announcement about her replacement will be made "in due course."
At NZ Finance she will report to the managing director of New Zealand Finance Holdings, John Callaghan.
"This appointment is a key one in terms of our positioning the company for further sustained growth, NZ Finance chairman Richard Waddel says.
"We have had a lean team to date and this appointment is part of our plan to grow and strengthen New Zealand Finance's position as a significant player in the non-bank home lender market," Waddel says.
NZ Finance recently secured a wholesale funding line to assist it with growth and the development of new product.
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