Advisers appointed to Public Trust Office
The sale of the Government-owned Public Trust Office appeared to move a step closer yesterday.
Wednesday, October 7th 1998, 12:00AM
The sale of the Government-owned Public Trust Office (PTO)appeared to move a step closer yesterday.Treasury announced it has appointed Macquarie New Zealand Limited to undertake what it calls "a business evaluation" of the office.
In a statement it said the government had not made a decision about the PTO's future, but the results of the business evaluation would help inform the government on the options available for restructuring the office.
The study follows a High Court judgement that the Public Trust's assets and reserves belonged to the government and were not subject to any private interest.
The PTO has a client base of 300,000 people, plus a 49 branch network throughout New Zealand.
The evaluation is expected to be finished in November, Treasury says.
Recently the PTO has been active in transforming itself from a trustee company to a financial services company. These moves have seen it form strategic partnerships with Sovereign and NZI to sell mortgages and insurance products respectively.
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