News Round Up
Monday, April 2nd 2007, 6:52AM
Look out for Standard and Poor's to upgrade UDC Finance from an AA- rating to AA.UDC has also rolled out a new suite of secured term investment rates which now include 1, 2, 4 and 5 month interest rates in addition to its existing rate terms. It has also made a change to its rate tiers, now having one tier for amounts of up to $99,999 and another for amounts of more than $100,000.
Also it is rolling out new tiers and compounding frequencies for its call account.
Hanover sells Nationwide Finance
Allied Farmers is to buy Hanover’s Nationwide Finance in a deal worth $33 million.
Nationwide has total assets of $160 million and equity of $20 million.
The agreement is conditional on the approval of Nationwide’s trustee and the shareholders of Allied Farmers, and is targeted to take effect at the end of April. [MORE]
St Laurence may own 31% of Dorchester
Bridgecorp's cash crisis doesn't appear to be over yet: it has just rolled over its loan from St Laurence for another three months [MORE]
Super growth for master fund
The SuperLife Master trust has cracked the $500 million after Carter Holt Harvey decided to its members the opportunity of transferring to the fund.
The transfer will more than double the number of members in SuperLife and make it one of the largest superannuation master trusts in New Zealand.
SuperLife is run by Michael Littlewood. It plans to offer a KiwiSaver option.
| « Weekly Wrap: A week of deals | Sovereign takes regulation bull by the horns » |
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