Marac bought by United
The chairman of the Marac Building Society, Mr L. H. Southwick, Q.C., has announced the sale of its fixed capital shares from its current manager,' NZI Financial Corporation, to the United Building Society. In a Joint statement, NZI and United said that all the staff, physical and financial resources of the Marac Building Society would be transferred to United.
United’s managing director, Mr Colin Jenkins, said that the jobs and conditions of employment of all those staff working for the Marac Building Society would be guaranteed by United.
He said that the number and distribution of the
Marac Building Society’s branches would be reviewed in due course “in the light of United’s existing distribution network.” The general manager of NZI Finance, Mr Michael Hamilton, said that the decision to sell the Marac Building Society fixed Shares resulted from NZl’s strategy of developing a business banking operation. The Marac Building Society has 50 staff in 20 offices. Its current asset base exceeds $6O million.
Mr Jenkins said that the existing customers of the Marac Building Society would be kept fully informed on developments, initially by NZI Financial Corporation and then United.
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Bibliographic details
Press, 26 February 1987, Page 26
Word Count
194Marac bought by United Press, 26 February 1987, Page 26
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