Finance venture split
PA Wellington Business operations in the Farmers-AMP Group will be split between the two equal shareholders, the Farmers’ Trading Company, Ltd, and AMP Financial Corp (NZ), Ltd. The Farmers-AMP group was formed in April last year to offer financial services to the public. However, the companies say that with the changing business climate and goals of
the parent companies, they feel they will be better to run those activities themselves. The AMP Society will control the retail deposits and personal and commercial Joan activities of FarmersAMP Finance, while the Farmers’ Trading Company will' control the credit card and hire-purchase activities of Farmers-AMP Credit Corporation. AMP Financial is a wholly owned subsidiary of the AMP
Society. The Farmers-AMP group will continue accepting deposits and issuing loans until legal financial details were completed. The companies said in a joint statement that completing those details was expected to take some time. The move is subject to final board approvals. Staff numbers were not expected to change except for those arising through continued business growth.
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Press, 12 May 1987, Page 52
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174Finance venture split Press, 12 May 1987, Page 52
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