BNZ reveals bank stake
NZPA-AAP Perth The Bank of New Zealand has revealed itself as the buyer of a 7.1 per cent stake in Perth-based Challenge Bank, Ltd, for about sAustll.42 million (SNZI3 million).
Challenge said in a statement it had been advised that BNZ’s wholly owned subsidiary, BNZ International Australia, Ltd, had acquired 3.36 million shares, but gave no further details. The shares were sold on
Tuesday in Melbourne through broker J. B. Were at sAust34oc a share, 10c below the bank’s closing price. Challenge, formed in April last year through the merger of the Perth Building Society and the Hotham Permanent Building Society in Victoria, recently announced an aftertax profit of sAustAB.s2 million for the six months ended March 31. The bank’s major shareholder is Sydney-based Advance Bank, Ltd, with close to
10 per cent, the maximum allowed by any one shareholder. Last month, Challenge received an Al rating from the New York international credit rating agency Standard and Poors. Directors said then they hoped this would alleviate fears among depositors following a sAustlo million run on the bank in October after liquidity problems at Perth merchant bank, Rothwells, Ltd.
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Press, 17 June 1988, Page 18
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192BNZ reveals bank stake Press, 17 June 1988, Page 18
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