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South Canterbury Finance expanding

South Canterbury Finance has purchased Nelson-based finance company, Fairfield Finance for an undisclosed sum.

Friday, April 11th 2008, 11:37AM
Lachie McLeod, chief executive of South Canterbury Finance believes that in current global and national finance market conditions, combined with rising industry compliance costs, smaller firms are seeking support from larger finance companies.

"Over the last 18 months Fairfield's directors have been looking for ways to provide clients with a greater level of security than they could offer, but still retain their local connections," McLeod says.

"Fairfield has total assets of close to $18 million and includes a good mix of business and personal lending customers. The quality of the loans is similar to that of South Canterbury Finance's loan book and is an excellent strategic fit for the group."

The sale secures the investments of around 450 Fairfield Finance investors who will have the choice to transfer their investment to South Canterbury.

All 600 of Fairfield's lending customers will remain with the company until their loan expires or is repaid, and will then have the opportunity to borrow from South Canterbury.

South Canterbury also recently announced it had purchased part of another Nelson-based company's lending book, Finance and Investments. While the two acquisitions amount to only about 1% of South Canterbury's total assets, they reinforce the growing strength of their local subsidiary, Tasman Bay Finance.

Established two years ago, Tasman Bay Finance covers the Nelson, Marlborough and West Coast regions.

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