E’corp plans higher profile

Press, 7 October 1987, Page 37

E’corp plans higher profile

By

TONY VERDON

in London

Equiticorp is planning a higher profile for its newly-acquired British merchant bank, Guinness Mahon. The New Zealand financial services group has won control of the bank as part of its successful bid for the Guinness Peat Group.

All that remains for control to pass to the New Zealanders, after an often acrimonious takeover battle, is final approval from the Bank of England. British financial commentators believe this is likely to be given. Equiticorp’s deputy chairman, Mr Grant Adams, said in London yesterday that his company had kept the bank informed of developments throughout the bid.

“The international banking scene is opening up,” he said. “Many U.K. banks have opened up in New Zea-

land, and I don’t believe the authorities will stand in our way here.” » Mr Adams is said to have been the mastermind behind the takeover bid, which was declared unconditional last weekend. , Acceptances of the Hsp a share bid totalled , only 7.9 per cent when the bid was made unconditional, but the New Zealanders already owned more than 50 per cent Mr Adams said that while Equiticorp, which made the bid through its . Hong Kong-based offshoot Capitalcorp, was pleased to have all four of Guinness Peat’s division, its first job would be to build a higher profile for the merchant bank. The Guinness Peat management team, from boardroom down, will remain, with the exception of the chairman, Mr Alastair Morton, who as expected, has resigned.