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Home arrow Articles by Topic arrow LandCo arrow Banking fallout hits NZ lender
Banking fallout hits NZ lender PDF Print
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Articles - LandCo
Written by The New Zealand Herald, via the Otago Daily Times   
Friday, 19 September 2008

The international financial turmoil struck closer to home yesterday as British bank HBOS was bought out by Lloyds TSB in a 12.2 billion ($NZ33.5 billion) emergency takeover. It is a move which could have serious implications for an estimated $3 billion in loans to New Zealand businesses.

The British Government stepped in to help smooth the deal amid fears the alternative would have been bankruptcy for HBOS and a disastrous situation for its 15 million savers.

It also has extensive loans to New Zealand property developers. These include ... more than $300 million ... to Landco...

The merger is expected to see massive job cuts and rationalisation in the business and has sparked talk it could sell off its Australasian arm, HBOS Australia.

The banking and insurance group lends money to property and finance companies in New Zealand through its subsidiary BOS International.

Full story...

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