Deposit rate news briefs

Lots of new things: New look for Nationwide, New ceo for Dominion, New funding line for Geneva and rating for C+M. Kiwibank wins Superbank business rights.

Friday, 4 August 2006

Chief executive Steve Wilson says its recent brand refresh project has brought a more modern feel to the company’s corporate identity in line with plans to broaden the company’s offering to meet changing customer needs.

Nationwide Finance will continue its tradition of flexible lending solutions, with plans already underway to introduce innovative new products tailored to meet the changing needs of existing customers and open the door to new business opportunities, Wilson says.

“Over coming months, we will be broadening our focus within the business finance field through targeted new products that meet the changing needs of small to medium size business owners.”

New ceo for Dominion Finance
Dominion Finance chief executive Terry Butler (pictured) is relinquishing his current role to take up the new position of deputy chairman.

The new role will encompass strategic planning and merger and acquisition opportunities.

He says there will be acquisition opportunities emerging because of new securities regulations and the implementation of International Financial Reporting Standards.

A replacement ceo has been appointed but because of confidentiality and employment issues cannot be named. An announcement is due in early September.

“The appointee is highly qualified and has wide experience in the banking and finance company sector at a very senior level and will be a further boost to the highly skilled team at Dominion,” Butler said.

Four star rating for Capital+Merchant
Capital+Merchant Finance has been given a four star rating by Property Investment Research for its capital secured debenture stock.

Its investment debenture stock has been given 3.5 stars.

PIR's rating is based on in-depth qualitative and quantitative research. A maximum rating is five stars, and 2.5 stars is considered investment grade.

Capital+Merchant Finance chief executive Owen Tallentire says the new rating follows an intensive review of the company over the past few months, and confirms the strength of its balance sheet, management systems and lending approach.

PIR is the leading independent provider of authoritative research and ratings on the Australian property funds sector. In recent years it has also become closely involved in the New Zealand property funds sector.

Capital+Merchant Finance was the first New Zealand finance company to be rated by PIR, and is now first to have its rating reconfirmed.

Geneva secures $30 mill intl bank line
Geneva Finance has secured a $30 million wholesale banking facility with the BOS International, a member of the HBOS Australia Group. Geneva Finance’s ability to secure this substantial facility is a reflection of its risk management systems, policies and processes, chief executive Dennis Kelly says.

Standard & Poor’s identified the need for Geneva Finance to develop other funding options to complement its successful retail debenture programme. Geneva’s securing this facility is confirmation that it has implemented the recommendation, he says.

Kiwibank wins Superbank deposits
As we predicted Kiwibank has won the inside running on getting Superbank's deposit taking business.

Superbank announced on Friday it had sold its home loan book to GE Money and that it had entered into an agreement with Kiwibank to provide Superbank’s deposit customers with a convenient transfer of its SuperSaver account to Kiwibank’s e-savings product, Online Call.

GE Money says it hasn't ruled out getting into the deposit taking area yet.

Superbank customers not transferring to Kiwibank will earn interest on theiraccount until September 25, at which time the deposit and accrued interest will then be repaid to them in full.

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