Former Rabobank executive to run South Canterbury Finance's 'good bank'

Photo / Sarah Ivey

South Canterbury Finance has named a former Rabobank executive to run its so-called "good bank" and says it is continuing to talk to investors about a recapitalisation.

The finance company is not part of the statutory management of Allan Hubbard and his wife Jean.

Four management appointments were announced yesterday by chief executive Sandy Maier, who is expected to leave at the end of year.

Dean Clark has been appointed general manager of South Canterbury Finance, which the company regards as the good bank. It is continuing a push to realise assets in the so-called bad bank, which holds delinquent assets.

Clark spent the past 22 years with Rabobank. His last role was head of business banking based in Sydney.

Garry Sue was named head of internal audit, which is a role he had at ASB. He will establish new enterprise risk management, audit and monitoring systems and will report to the chairman of the audit committee and the chief executive.

Mike Coburn has been appointed senior adviser to the chief executive specialising in real estate.

Based in Queenstown and Dunedin, he has played a leading role in residential developments in the region.

Des Hammond has been appointed a senior adviser to the chief executive and will focus on the investment portfolio containing Helicopters NZ, and the company's holdings in Scales Corp, South Island Dairy Farms, Dairy Holdings and other assets.

He is a restructuring specialist, most recently with KPMG and his background includes leadership roles in bank and finance company workouts and recoveries.

"These four appointments will complement the existing management team and create further efficiencies as the company looks to maximise the value of its assets," Maier said.

The company said asset recoveries accelerated through June with total recoveries now exceeding $256 million since the start of the year.

- NZPA