Geneva Finance Secures $30 Million Bank Line
27 July 2006
Geneva Finance Secures $30 Million International Bank Line
Transparency, strong medium term business planning and a sound management structure were instrumental in Geneva Finance securing a $30 million wholesale banking facility with the BOS International, a member of the HBOS Australia Group recently.
Chief Executive Officer, Dennis Kelly, said that Geneva Finance’s ability to secure this substantial facility is a reflection of its risk management systems, policies and processes.
Geneva Finance recently become the first ‘non-bank’ finance company in New Zealand to secure a rating from Standard & Poor’s. In its rating report issued in May 2005, Standard & Poor’s identified the need for Geneva Finance to develop other funding options to complement its successful retail debenture programme. Geneva’s securing this facility is confirmation that it has implemented the recommendation.
“That we chose to be the first non-bank owned finance company to take the step of being rated by Standard & Poor’s confirms our intention to establish a strong business infrastructure and risk management processes in line with our long term vision to build a company with a solid, prosperous future.”
Geneva Finance Managing Director, Glenn Walker, said the recent appointment of Shaun Riley (formerly District Manager for GE Finance and Regional Manager UDC) to General Manager and the promotion of Dennis Kelly (former Chief Operating Officer for Hanover Finance) to Chief Executive Officer underpins the company’s intentions to become a market leader in New Zealand with a strong senior management capability.
McDouall Stuart in its recent industry reports on NZ Finance Companies predicted that “quality companies that are credit rated by internationally credible rating agencies and which have strong business infrastructure would continue to attract investment”.
“Securing this facility provides further enhancement of its existing liquidity resources. Having committed to a long term credit rating process and having to ensure the discipline of meeting the rigorous requirements of our wholesale banking compliance programmes we are very committed to continuing to further strengthen the company’s liquidity, risk management and prudential processes,” Walker said.
About Geneva Finance
Geneva Finance has 21 professionally branded retail finance branches throughout New Zealand to facilitate lending receivables collection and credit management – mirroring the trading bank consumer retail distribution strategy while affording the company face-to-face contact with applicants and security evaluations.