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


Bancorp lists wealth unit in Frankfurt, eyes capital raising

Bancorp lists wealth unit in Frankfurt, sees capital raising in coming year

By Paul McBeth

May 7 (BusinessDesk) - Financial services firm Bancorp Group has listed its wealth management and private banking unit on Germany’s Frankfurt Stock Exchange and expects to raise capital in the coming year to help fund future acquisitions.

The Auckland-based firm listed subsidiary Bancorp Wealth Management New Zealand on the German bourse in April to improve liquidity for existing shareholders, give better access to raising funds, and lifting its profile near the major financial service hub of Switzerland, managing director Craig Brownie told BusinessDesk. He expects consolidation in aviation insurance broking in the coming year, which will provide acquisition opportunities for the unit.

“It’s a good time for New Zealand companies to be buying offshore entities if they like, with the historically high New Zealand dollar,” Brownie said. “We chose to get set up in Europe now and will raise capital probably in the next 12 months – we’ll do it relative to a specific target.”

Bancorp Wealth Management listed on the Frankfort exchange last month at 4.20 euros, and last traded at 3.855 euros. When listing, it cited its equity investment in aircraft insurance broker Boston Marks Holdings as a key driver for growth.

Brownie said the unit’s private banking service, which is used by overseas high net worth individuals, wasn’t as cash hungry as the insurance broking business.

The Frankfurt listing adds “credibility” to the private banking business, as European investors understand those kinds of services which include offering New Zealand products via an existing relationship with a Swiss bank, he said.

Bancorp chose the Frankfurt listing over Hong Kong or Singapore due to growth opportunities outside China, and the German bourse trumped London’s AIM exchange for cost and a better economy that was fuelling investor interest in equities.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news