Farmers consider bank options
PA Wellington The farmer-led consortium that failed in its bid to buy the Rural Bank was looking at new options for a farmer-controlled bank, the consortium leader, Sir Peter Elworthy, said yesterday. The party was looking at several possibilities, including an approach to the Primary Industry Bank of Australia, he said. P.1.8.A., Australia’s eighth-larg-est bank, gained a banking licence in May and has opened branches in Christchurch and Auckland.
Sir Peter said he had not had contact with Fletcher Challenge since the Rural Bank sale was announced. The Wool Board and the Dairy Board, surprise backers of the Elworthy bid, said they became involved only to help farmers buy a controlling share of the bank.
A Dairy Board spokesman, Mr Neville Martin, said the board initially did not want to be part of any bid. The board’s support was only to help the farmers’ group get control of the bank. The Wool Board’s chief executive, Mr Bernie Knowles, said the board’s involvement was to be temporary. “We set out to be helpful as a means of providing bridging finance for farmer interests,” Mr Knowles said.
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Press, 21 August 1989, Page 1
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192Farmers consider bank options Press, 21 August 1989, Page 1
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