Barclays holds more of NZUC

Press, 26 November 1981, Page 21

Barclays holds more of NZUC

PA Wellington New Zealand United Corporation. Ltd. Wellingtonbased merchant banker, now has one major bank as a shareholder instead of. two.

Barclays Bank International, Ltd, has purchased the Bank of America shareholding — which brings its stake in NZUC up to 49.7 per cent.

Up to now both banks held 24.9 per cent in the NZUC. The other major shareholder is United N.Z. Nominees, with about 22 per cent. Commenting on the move, the chairman of NZUC (Mr Frank Renouf) said that the company had been fully appraised of the position and welcomed Barclays in its new shareholding status.

The association with Bank of America had been rewarding to both parties and although they no longer remained as shareholders, business and banking relationships would continue as in the past, with no reduction in

financial capacity, said Mr Renouf. The move is seen as a rationalising — and strengthening — one for the Bank of America, as well as Barclays.

In Australia, the Bank of America had moved out of some shareholdings and increased others.

“Banks have tidied up, and this has been going on throughout the world.” said the managing director of NZUC (Mr P. R. Kemp). The two banks bought their shareholdings in NZUC originally in 1971. At that time they held 20 per cent each. Later the Fletcher Challenge shareholding of 10 per cent was sold to Barclays and Bank of America who held 24.9 and 24.8 per cent respectively until yesterday’s move.

As far as NZUC is concerned, it is a company totally managed in New Zealand. ’ and this will not change, said Mr Kemp.