“Slower growth for financiers”— Marac

Press, 15 June 1979, Page 6

“Slower growth for financiers”— Marac

PA Auckland Financiers can look forward to a leaner year says the chairman of Marac Holdings, Ltd, (Mr J. C. Fletcher) in his annual report. The year ahead will be one of reduced growth opportunities for the finance industry, he says.

However, expansion is intended in the mortgage services field, where shareholders of Marac’s permanent

building society, the Metropolitan, and share holders of the Equitable Permanent Building Society, have agreed to the amalgamation of the two societies.

“Ones final regulatory consents have been received to this union, we will have as a member of the group a building society with total assets in excess of SI3M.

“Planning calls for the resulting society to extend its operation throughout New Zealand, in conjunction with the present Marac branch structure,” says Mr Fletcher. Consent to this union has been received since the annual report went to print. “A notable feature of our merchant banking activities over the past three years has been an increasing involvement in the primary product sector,” Mr Fletcher says. “We intend to increase

this involvement. We canmake available a wide range of significant facilities,” he says.

During the year, Maras strengthened its represents* tion in Hong Kong, by the transfer of a merchant bank* ing manager. “This had enabled Marac to extend its funding capabi* lities in Hong Kong for the benefit of Australian and New Zealand clients,” says Mr Fletcher.