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Bancorp Acquires Strategic Stake In Mana Coaches

Bancorp Acquires Strategic Stake In Mana Coaches


Auckland, 24 July 2006 – Bancorp New Zealand Limited, through its subsidiary Bancorp Strategic Investments announced today that it has purchased 74 percent of Mana Coach Services Limited.

Mana Coach Services employs around 160 staff and has a long history under the guidance of the Waddell family, as a leading provider of bus and coach services throughout Newlands, Johnsonville, Plimmerton and Wellington.

Craig Brownie, Managing Director of Bancorp said he was extremely pleased that Bancorp has been able to make this important investment.

“I have huge respect for the management and staff of Mana Coach Services. The acquisition was a long term strategic investment in New Zealand infrastructure for Bancorp, and we expect to see growth in this company moving forward,” says Brownie.

Brownie also said that Bancorp Strategic Investments was advised on the acquisition by Bancorp New Zealand Limited.

The remaining 26 percent of Mana Coach Services is owned by Infratil Limited.

ENDS


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