Deutsche Bank anointed to sell South Canterbury Finance's core finance operations

Deutsche Bank anointed to sell South Canterbury Finance's core finance operations

Read the receiver's statement below:

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have appointed Deutsche Bank AG, New Zealand Branch as sale adviser for SCF’s core finance business.

The core finance business comprises the SCF branch network, subsidiaries such as FACE Finance and Southbury Insurance.  The key products and services offered include hire purchase, floor plans, leasing of plant and equipment, vehicle and equipment, personal loans, business term loans and revolving credit facilities, mortgages over property and other financial instruments, including consumer loan insurance.

Kerryn Downey said that Deutsche Bank was appointed on the basis of a comprehensive selection process over the past few weeks.  The receiver is confident that Deutsche Bank’s reputation and experience willmaximise outcomes.

Mr Downey said that Deutsche Bank would be in contact with all those parties that expressed an interest in acquiring SCF’s finance business in the coming weeks, although a formal sale process was unlikely to commence until late first quarter 2011. 

 “South Canterbury’s size and complexity makes it imperative that we work closely with our advisors in determining the best sale strategy to deliver the optimal outcome for the Crown and other stakeholders,” he said.

Mr Downey reassured SCF’s customers that South Canterbury Finance remains open for business as usual and has resumed lending to its approved consumer and business customers.

The receiver last week appointed Goldman Sachs to sell South Canterbury Finance's Helicopters NZ business and 80% stake in Scales Corporation.

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