SBS Bank agrees to buy 50% of Staples Rodway Asset Management

Wed, 11 Mar 2015

March 11 (BusinessDesk) - SBS Bank, New Zealand's largest building society, has agreed to buy 50 percent of Staples Rodway Asset Management (SRAM) as part of a strategy to build scale in wealth management and lift its presence in the North Island. Financial details of the transaction are confidential, said Wayne Evans, chief executive of SBS Group, which owns SBS Bank. The deal will add to SBS's growth and profits in the first year of ownership, he said. The bank reported net profit of $15.6 million in the 2014 financial year. "Both side...

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