South Canterbury buys from receivers

South Canterbury Finance has purchased part of the loan book held by Finance and Investments from receivers PricewaterhouseCoopers.

Wednesday, April 2nd 2008, 8:08PM
SCF subsidiary Tasman Bay Finance will make the transaction which includes around 12 business and another 330 consumer loans.

"We were keen to strengthen our presence in the region after establishing Tasman Bay Finance two years ago," SCF chief operations officer Peter Bosworth says.

"The purchase is part of our long term strategy to strengthen our profile as a truly nationwide finance company but still retain a strong local touch. The strength of the group and large network of support will mean business as usual for both existing and new clients."

Tasman Bay Finance is one of 15 regionally-based finance companies in the South Canterbury Finance Group and covers the Nelson, Marlborough and West Coast districts.

South Canterbury Finance recently diversified its funding sources with a successful foray into the listed bond market late last year, a new funding line from the US private placement market and undrawn bank funding lines of $150 million.

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