NZF agrees to sell home loans stake, subordinated notes for $1.25M to Resimac Financial Services

Thu, 10 Oct 2013

By Tina Morrison Oct. 11 (BusinessDesk) – NZF Group, whose lending arm went into receivership in 2011 owing about $16.4 million, agreed to sell its stake in a home loans company and other investments to Resimac Financial Services for $1.25 million, completing its asset sales programme. The agreement would see NZF sell its 20 percent stake in Resimac NZ Home Loans, which it considers to have a nominal value, to Resimac Financial Services, which owns the remaining 80 percent of the company. As part of the deal, NZF also plans to sell Resimac...

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