Farmers Mutual Finance closing to new investors and to stop lending

Palmerston North based finance company Farmers Mutual Finance announced late on Friday it had stopped lending and would stop taking new investments immediately. The Farmers Mutual Group said ownership of a finance company was no longer part of its strategy. Farmers Mutual Finance said in a statement on its website that existing debenture holders would continue to receive interest payments and capital repayments. * This article was first published earlier in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.