Gen. Fin. sells Chase Adding
PA’ WellingtonGeneral Finance, Ltd,-.has sold its 33 per cent shareholding .?’.in the profitable merchant’ bank, Chase-N.B;A.. for a large undisclosed sum. The .move was not uriexpected after the takeover of General 'Finance by Black HorseiFjiiance, a consortium of ■ National Bank of New. Zealand and Todd Motors.’fe-
The,Sir per cent control; of Ch a sehN.B.A. by the-’ National 'Bank, a subsidiary Of Lloyds' Bank, which has large international banking connections through Lloyds International, appeared an obvious .-conflict of interest With Chase Manhattan Bank. The new shareholding sees / i... . T
the. National Insurance' Company of.. New Zealand, t.'jxi, increase Its .holding to 35* per .cent,, 'from 17. per .cent, and< 'the. ; Chase-N.B.A. New Zealand Group Hold-, ings, Ltd ' UfU its shareholding from'soto 65 per cent. ?: .'Consent;-to ..new ownership had b'eien given by the Overseas Investment Commission.’ Mrl A. H. Armour iand Mr';F. V'.' Noble Beasley had, resigned as directors of Ch i ase-N.B.A ; : New Zealand Group. ■ ■'*' ? ' National Insurance is to appoint a director to the board.
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Press, 18 July 1980, Page 16
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169Gen. Fin. sells Chase Adding Press, 18 July 1980, Page 16
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