Marac buys building soc. off Brierley

Press, Volume CXVI, Issue 34086, 25 February 1976, Page 24

Marac buys building soc. off Brierley

Marac Holdings, Ltd is to move into the building society field: it has acquired for an undisclosed cash sum the Wellingtondomiciled Metropolitan Permanent Building and Investment Society from Brierley Investments, Ltd.

Establisned m 1891, the Metropolitan Permanent is one of the oldest financial institutions tn the capital Brierley acquired the Metropolitan Permanent in 1974 and held 98 per cent of the issued capital. The Minister of Trade and Industry tMr Adams-Schnei-der) has approved the move under the Commerce Act. Largely through 1.0.5. Mortgage and Deposit Company of New Zealand, Ltd, subsidiary the company already has a mortgage portfolio worth more than $7.5 million. This business has been largely built up on money coming to the company for investment by way of the legal profession.

Most of the mortgage portfolio is involved in I mortgages for homes Marac regards a building! society operation as com-j plementary to its present! activities in the mortgage* field. Marac intends to expand! the operation of Metropolitan Permanent, by way of* the branch offices it has al-i ready. Auckland and Wellington: will Le the initial targets. ! : Marac nas four branches! ‘in Auckland, two in Welling-! ton and others in Hamilton,! Rotorua. v au ranga, Napier.’ Palmerston North. Nelson,’ Christchurch, Dunedin and Invercargill.