Briefs
New banks The New Zealand Bankers’ Association has extended .membership to three recently registered banks. The new members are the Auckland Trustee Bank, CIBC New Zealand, Ltd, a subsidiary unit of Canadian Imperial Bank of Commerce, and NZI Bank, Ltd. They were among eight institutions registered as banks in July after the Government deregulated entry to banking.
AMP subsidiary The AMP has announced the formation of a new subsi-
diary, AMP Finance NZ, Ltd. The company is the result of‘ a decision in May this year to restructure the former Farmers-AMP Finance, Ltd, which was a partnership between the Farmers Trading Company and AMP Financial Corporation (N.Z.). AMP Finance is a wholly owned subsidiary of the AMP Society and will provide a range of financial services, including term deposits and commercial loans.
Well spudded The operator of the KA-14 well in the Kapuni field, Shell, BP and Todd Oil Ser-
vices, Ltd, has reported that the well was spudded in last Sunday. KA-14 is an appraisal well and its present depth is 210 metres with a target depth of 4150 metres. Quatro offer Melbourne-based investment company Quatro, Ltd, has gained control of Communications and Entertainment, Ltd (CEL), only three days after announcing its $4B million on-market takeover offer. Quatro lifted its stake in CEL to 45 per cent following a flood of acceptances which included Brierley Investment, Ltd’s, 19.7 per cent stake.
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Press, 7 October 1987, Page 43
Word Count
233Briefs Press, 7 October 1987, Page 43
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