News Round Up
Elders changes name, St Laurence (finally) sell Viaduct Carpark, ING and Nat Bank tie knot and the latest in Deposit rate news.
Monday, October 3rd 2005, 3:01AM
Elders Finance has officially changed its name to Hanover Finance.Hanover Finance was ranked the fourth largest finance company by total assets in the 2005 KPMG Financial Institutions Performance Survey (FIPS) and it is the most significant of the companies within the Hanover Group, which also includes FAI Finance, United Finance and Nationwide Finance.
While the company has changed its name it is not intending to change its business including its people.
“One of the major strengths of Hanover Finance is our people,” Hanover Financial Services chief executive Paul Cropp says. “Our own people are well respected for their business acumen, and consistency and stability in our team has further entrenched this reputation.
"With Hanover Finance now officially the new name for our cornerstone business, we look forward to seeing the name Hanover become well-known by future generations of New Zealanders as one of the country’s leading financial institutions," Hanover Group chairman Mark Hotchin says.
St Laurence does deal on Viaduct carpark
St Laurence has entered into an unconditional contract to sell the Viaduct Carpark to Metro Parking for $13.06 million.
St Laurence established a proportionate ownership scheme in August 2002 to purchase the leasehold interest in the property which it subsequently bought in October 2002 for $8.525 million.
"The price is well in excess of our expectation and the property’s current valuation," St Laurence managing director Kevin Podmore says.
Metro Parking is owned by interests associated with Adrian Burr and Mark Wyborn.
After repayment of bank debt and other expenses, investors stand to receive an estimated gross return of more than $7,400 per interest, representing an increase in value of nearly $3,250 on their initial interest. Investors have also received an average cash return of 8.05% per annum over that period.
ING and ANZ National Bank tie the knot
ING and ANZ National Bank have signed agreements to extend the existing joint venture between ANZ and ING Groups by incorporating The National Bank’s managed funds and life insurance business.
ING is now responsible for the manufacturing and management of all insurance and managed funds products distributed to customers through both the ANZ and The National Banks.
The addition of The National Bank’s insurance and managed funds businesses further strengthens ING’s position in the New Zealand financial services market. The National Bank’s $700 million in managed funds extends ING’s position as the largest retail fund manager in New Zealand, and the addition of National Bank insurance customers also sees ING become one of the country’s leading insurance operators.
In Deposit news
Tower have upped its guaranteed minimum return for its Mortgage Plus Fund from 7.20% to 7.30% for the year ending December 31. ING officially puts its new income fund on sale this week.
Meanwhile there is plenty of interest in corporate bonds at the moment. Infratil has raised $84.2 million through the issue of two long-dated bonds. A November 2012 maturity paying 7.75% annually raised $44.5 million, and a February 2020 maturity paying 8.5% annually raised $39.7 million. Both were issued at $1 each, the company said. Infratil said earlier this month it would use the proceeds to fund $50 million in bonds maturing in November, and repay banks for the purchase of Kent International Airport in Britain, which it bought from administrators for around $47 million.
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