Bank capital increased
The offshore partner of recently-established Australasia Investment Company, Ltd, Kuwait Asia Bank Ec, has increased its paid-up capital base by ?US7O million to SUSIOO million. The chairman of Australasia Investment Company, a New Zealand private enterprise company, Mr D. H. Scott, said the capital increase gave the New Zealand operation “an extended base from which to finance prudent investment locally.” Australasia Investment Company was formed a few months ago by Mr Scott, Mr R, H. Worn and Mr M. P. McWherter, who were all formerly associated in Chase-N.B.A. New Zealand. AIC marries New Zealand management and financial
expertise with access to Middle East investment institutions. The company has a registered capital of $1 million. It is 50.1 per cent owned by this triumvirate and 49.9 per cent by the Kuwait Asia Bank. The company participates in investment related to industrial, commercial and financial development in the Pacific region. It does not engage in domestic banking or money market activities, The Kuwaiti partner is owned by international banking and insurance groups and the Kuwaiti Government, and was formed to seek investment opportunities throughout the Far East and the Pacific Basin.
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Press, 26 April 1983, Page 42
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192Bank capital increased Press, 26 April 1983, Page 42
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