Equiticorp approval

Press, 2 November 1984, Page 18

Equiticorp approval

PA Wellington The merchant bank, Equiticorp Holdings, Ltd, had consent from the Australian Foreign Investment Review Board to set up a whollyowned merchant bank in Australia, its chairman, Mr Allan Hawkins, announced in Wellington last eyening. The establishment of a full operating presence in Australia would complement the strong shareholder and asset base in New Zealand and strengthen the

group’s international operating capabilities, Mr Hawkins said. Equiticorp Australia had a staff of four and this would be increased to 12 by March, which was about the same level as the company’s presence in Wellington, he said. It would offer a full range of merchant banking services, including financial packaging and investment advisory work in addition to its traditional asset based activities.

The Australian operation would develop fairly slowly. “We can’t go too fast in Australia, we’ve got enough on our plates in New Zealand. And there are bigger boys than us in Sydney, we’ve got to be careful,” he said. Mr Hawkins said the primary and immediate intention was to see that the new Australian branch facilitated trade and investment flows between the two countries. The subsidiary has a capital of $5 million.