Marac Finance in Australia
PA . Auckland . Marac Holdings’ prolonged endeavours to enter the Australian finance market have at last succeeded.
It has received approval from the Australian Foreign Investment Review Board to purchase 50 per tent of Sydney - based Greater Pacific Finance,’ Ltd.
The deal is for cash; financed from offshore sources/amounting’to a little more than SNZ4.S million. ■ Now Marac has to decide on its Australian shareholder partners in Greater Pacific Finance, the name of which will be changed to Marac Finance Australia. Ltd.
The general manager of Marac (Mr G. Adams) said that the company would now also work up its develop-ment-plans for the company which had 44,000 accounts in 31 branches spread from Melbourne to Gladstone in Queensland. Marac Finance Australia would come under an Australian holding company ’ with the other. 100 per cent-pwned company there, Marac/Australia, which operated hr the merchant banking field. A senior executive would be sent from New Zealand to join the Greater Pacific management team. - / <
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Press, 21 October 1980, Page 30
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162Marac Finance in Australia Press, 21 October 1980, Page 30
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