Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Finance Companies Will Benefit - Hanover Group


Finance Companies Will Benefit - Hanover Group

Any shakeout of marginal finance companies will be to the benefit of well managed and well governed finance companies, according to Hanover Group Chairman, Greg Muir.

Greg Muir, who chairs New Zealand’s largest privately owned financial services group with more than $1 billion in funds under management and $100 million in shareholder equity, says in the current climate investors are likely to seek the security of solid and reliable finance companies operating at the upper end of the market.

Hanover Group has today indicated that its largest finance company – Hanover Finance Limited – is likely to post a 20 percent increase in before tax operating profit for the year to June 2006 representing profit before tax of $55 million (unaudited).

Greg Muir says while the profit figure is indicative, this would be a very impressive result in the context of the current environment. “This clearly demonstrates to investors and the market in general that not all finance companies are equal. Those that have focused on, and invested in, good governance standards are well positioned to not only weather the storm – but to flourish.”

“Rather than chasing growth, Hanover Group has made governance issues its number one priority. We’re proud of the business practices we have developed which establish a firm platform for continuing performance. A key element of the group’s approach has been to appoint independent directors. Of the six directors of the finance companies within the Hanover financial services group three are independent, including me as Chairman. I believe investors are increasingly seeing the value of this.

“Hanover Group is also actively supporting government regulation of the finance industry for finance companies through higher barriers to entry and for financial intermediaries through regulation. Greg Muir says, “We are currently working with a Ministry of Economic Development task group to progress these issues which we believe would result in important safeguards for finance company investors.

The Hanover financial services group services more than 100,000 investors and lending clients across its finance businesses.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news