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Superbank sells mortgage lending portfolio

Superbank sells mortgage lending portfolio

St.George Bank of Australia and Foodstuffs New Zealand announced today the sale of Superbank’s residential lending portfolio to GE Money.

Since Superbank’s launch in February 2003, market conditions have changed and margins in mainstream residential lending in New Zealand have become extremely competitive. Given these factors, both companies had reviewed their strategic positions and examined a range of opportunities for Superbank. Following this review and discussions with several parties, St.George Bank and Foodstuffs decided to sell the mortgage portfolio.

The sale is of the residential mortgage lending portfolio and took effect from August 3, 2006. The bank has written to its customers, to explain how the sale will affect their loans. Customers’ loans will be transferred to GE Money and will essentially continue as normal. Superbank will continue to manage loans and associated transactional accounts through the transitional period.

In addition, Superbank has entered into an agreement with Kiwibank to provide Superbank’s deposit customers with a convenient transfer of their SuperSaver account to Kiwibank’s e-savings product, Online Call. Deposit customers who do not wish to take up this offer will continue to earn interest on their Superbank SuperSaver account until 25 September 2006, at which time the deposit and accrued interest will then be repaid to them in full.

In the short-term, all accounts will continue operating as normal and customers will be notified of any changes.

Superbank is the trading name of St.George Bank of New Zealand Ltd, a phone and Internet bank launched in February 2003. The bank is a joint venture between St.George Bank of Australia and Foodstuffs New Zealand and will retain its Banking Licence through the transition period.

Customers who require further information should contact 0508 226 546 or check website www.superbank.co.nz

Ends

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