Trans-Tasman bank

Press, 12 July 1988, Page 26

Trans-Tasman bank

Main Corp plans to merge with the Australian financier, Merchant Capital, td create a transTasman financial services group and merchant bank. Main Corp is 47 per cent owned by Pacer Kerridge Corp, and Merchant Capital is owned by Markland House, an Australian listed investment group controlled by Mr Julian Hill, its managing director, and Bond Corp Holdings.

Mr Alan Bond is a director of Markland House.

Main Corp’s major shareholder, Pacer Kerridge, and three other shareholders will sell a 65

per cent interest in Main Corp to a listed Australian company which will be controlled by Markland House, Main Corp’s chairman, Mr David Phillips, said in a statement.

No sale price was disclosed but the consideration of scrip and cash will give Pacer Kerridge a substantial interest in the merged group, Mr Phillips said.

The expanded merchant bank will run treasury and money market operations in Auckland, Sydney and Perth, with associated stockbroking activities in Auckland, Wellington, Sydney, Perth, and London.

Mr Phillips will join the board of the new Australian holding company.

“Main Corp is one of the best performers in its market, being conservatively geared with no exposure to the casualties of the October crash,” Mr Phillips said. “This move will materially assist in fulfilling Pacer Kerridge’s earlier publicised aims of internationalising Main Corp.” Significant synergies will be achieved by the merger, added Mr Julian Hill, chairman of Merchant Capital and managing director of Markland House.