The National Business Review (NBR) Tuesday reported that South Canterbury Finance (SCF) receivers have sold another chunk of the failed lender’s business to a global bank. However, the return to the taxpayer has been kept confidential.
Japanese investment bank Nomura has acquired South Canterbury’s consumer, business and rural loan portfolios – the last amongst the “good [...]

Pyne Gould Corporation (PGC) announced it is to take on $14 million of debt to save George Kerr’s Epic infrastructure fund from being forced to sell its investments by lender National Australia Bank (NAB).
PGC has proposed to acquire a NZ$14m participation in NAB’s first ranking loan facilities to Equity Partners Infrastructure Company Limited (EPIC).
This participation [...]

The Goldman Sachs Group, Inc., and Goldman Sachs & Partners Australia Group Holdings Pty Ltd (GS&P) Thursday announced they have commenced the formal process for Goldman Sachs to acquire the remaining 55% of GS&P.
Goldman Sachs currently owns 45% of GS&P. The remaining 55% is owned by current and former GS&P management and employee shareholders. The [...]

Standard and Poor’s has confirmed its ratings on Canterbury Building Society and Southern Cross Building Society. The Ratings agency confirmed its ratings on the two firms that are planning a merger on Friday this week to form a new financial institution to be known as a “heartland” bank.
Standard & Poor’s also withdrew its “BB+/Stable/B” rating [...]

CBS Canterbury shareholders have approved a proposed merger with Southern Cross Building Society (SCBS) and Marac, the subsidiary of Pyne Gould Corp.
The approval is the latest of a number being sought this week. On Monday Southern Cross Building Society shareholders gave approval but a second meeting of depositers is being held. A special meeting of [...]

After a long struggle and investments geared at merging to form an entity capable of becoming a bank, Canterbury Building Society (CBS), Southern Cross Building Society and Pyne Gould Corp subsidiary Marac Finance Ltd are reportedly in a position to become a bank if their businesses are merged. The move would only allow the firms [...]

In a move that might signal its preparation for the long awaited merger, the Canterbury Building Society gave out the latest strong indication that the deal might be in the pipeline. On the proposed merger that would create a south island bank, Canterbury reportedly told shareholders to expect a vote in mid to late November, [...]

Axa Asia Pacific Holdings Ltd Thursday reported that it had entered talks with National Australia Bank (NAB) in a move to have their deal extended. Axa is seeking to have the deal for the proposed acquisition extended in a move that analysts hope will ameliorate the fears of the Australian competition watchdog, the Australian Competition [...]

In a latest report released by New Zealand’s Overseas Investment Office, it surfaced that the country had recently received major foreign investment with a single record investment placed at $4.7 billion. The OIO reported that the March purchase of a stake in Craigs Investment Partners by the Germany bank, Deutsche Bank was worth $4.7 billion. [...]

North South Finance trustees Thursday called in receivers after the New Zealand Securities Commission initiated civil and criminal legal proceedings against the directors. In a statement Thursday from the two independent directors, they reported that the company would be placed under receivership after holding talks with the Covenant Trustee Company. In December 2008, the North [...]