Briefs

Press, 16 December 1985, Page 32

Briefs

Insurance purchase

The New Zealand Reinsurance Company, Ltd, a wholly owned subsidiary of NZI Corp, Ltd, has agreed in principle to acquire a majority interest in the Hong Kong Reinsurance and General Insurance Company, Ltd. Hong Kong Reinsurance is a wholly owned subsidiary of Gilman and Company, Ltd, of Hong Kong, which is a wholly owned subsidiary of Inchcape PLC.

Lockwood post

The Rotorua-based Lockwood group of companies has announced the appointment of 37-year-old Mr John Sowerby as general manager and associate director. The appointment is the first senior executive post created in the company since the La Grouw family took over all other shareholdings in the group. Mr Sowerby has held the position of finance manager ana secretary of Lockwood since he joined the company eight months ago.

Lloyds rate

The newly established Lloyds Bank NZA, Ltd, took term deposit interest rates higher in Australia by launching a term deposit facility with a 16 per cent a year interest rate. The British-owned bank, one of 16 foreign banks granted an Australian banking licence this year, said the new rate applied for periods from one month to 12 months to deposits of $5OOO or more and will increase automatically when the bank’s term deposit rates rise. It tops term deposit rates offered by other banks which are in the 14.5 per cent to 15.5 per cent range for amounts under $50,000.

Visa issue

The Countrywide Building Society is to issue the Visa card. Countrywide said that testing will start soon and the issuing of cards will start when the testing period has been completed within the first quarter of next year. Countrywide’s chief executive, Mr Peter Martin, said the decision to expand into the Visa card market and the resulting credit facilities was further progress to providing a full banking service.