July 3, 2009

TD rates up; Hanover boss out

This week we see a bit more action on the term deposit front with a number of firms increasing their rates.

We also have an update on one of the favourite finance companies, South Canterbury Finance, along with reports on two other listed entities, St Laurence and Geneva.

Meanwhile Hanover has lost its chief executive. Read more here.

Also in passing it's worth noting that the NZX-listed company Lombard is changing direction. Its finance subsidiary collapsed last year and it is now looking to get into the life insurance business.


News
S&P happy with Hubbard
South Canterbury Finance’s BBB- credit rating partly reflects the tacit support and resources of founder Allan Hubbard, S&P says. More


F&P Finance ups long rates
The week has ended with more increases in term investment rates. Fisher & Paykel Finance has raised medium to long-term rates and ANZ National has moved its shorter-term rates. More


Conservative approach the way for Geneva and St Laurence
Things aren't likely to improve in the near future for finance companies Geneva Finance and St Laurence Property and Finance, with both firms undergoing heavy restructuring and looking to focus on minimising risk in the coming year. More


Rates Round up
Hanover loses chief executive; Competition heats up for three-month deposit rates; Bridgecorp's Fijian resort on the block; Propertyfinace Group suspended from exchange; Dorchester looks to break even; Five Star manager gets five year ban. More