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Marac secures rights to promote Holden

Marac Finance announced it has secured the rights to promote Holden Financial Services, Holden Finance, and Holden Insurance, further expanding its vehicle financing book.The Pyne Gould Corporation subsidiary said the agreement with Holden New Zealand, bu

NZPA
Tue, 07 Sep 2010

Marac Finance announced it has secured the rights to promote Holden Financial Services, Holden Finance, and Holden Insurance, further expanding its vehicle financing book.

The Pyne Gould Corporation subsidiary said the agreement with Holden New Zealand, builds on Marac's recent acquisition of GMAC New Zealand's retail motor vehicle book, which cost them about $70 million.

GMAC was the previous provider of branded finance to the Holden dealer network, one of the largest motor vehicle distributors in New Zealand.

"This transaction lifts the relationship to a higher level and furthers Marac's strategy of being the major provider of financial solutions to New Zealand families and small to medium sized businesses," chief executive Jeff Greenslade said.

"It also aligns with the strategic direction of the company to become a bank through the proposed merger with Southern Cross Building Society and CBS Canterbury."

The move was welcomed by Holden New Zealand managing director Simon Carr, saying it was an excellent outcome for Holden's customers.

Pyne Gould's shares were unchanged at 43c.

NZPA
Tue, 07 Sep 2010
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Marac secures rights to promote Holden
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