Smith leaves Sovereign

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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

Smith has been with Sovereign for the past four years, and has worked for the ASB Group for 20 years.

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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