Swiss bank for NZI

Press, 2 December 1987, Page 46

Swiss bank for NZI

NZI Corporation has bought 95 per cent of the Commerce Bank, based in Zurich, for SNZI72.SM. The purchase, which is subject to Swiss Banking Commission approval, would be financed by a private placement of notes in Switzerland, said NZI Corporation’s managing director, Mr Harry Kember, yesterday. Focobank, as the bank is internationally called, has a branch in Geneva, a wholly owned subsidiary in the Cayman Islands, and representative offices in Germany, Hong Kong and Canada. It has a staff of 120 and assets of 5362 M and capital reserves of SSBM as at September 30, 1987. “The purchase of Focobank will enable NZI to offer a wide range of services to our banking clients,” Mr Kember said.

“Focobank was a sound, well-managed bank which was expected to make a significant contribution in banking expertise and earnings to NZI.” Focobank's main financial services were current and deposit accounts, fiduciary deposits, investment counselling, portfolio management, trading in precious metal, foreign currencies, equities and bonds, collateralised loans, international payments, and incorporation of companies and trusts. Foreign Commerce Bank was founded in Zurich in 1958. It has a strategy of limiting its clientele to companies and individuals who can take maximum advantage of its facilities and who agree to an initial minimum deposit to start an account relationship.

Accounts are maintained in all major currencies and there are no restrictions on converting from one currency to another.