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South Canterbury Finance said it has purchased the loan book of Nelson-based Finance and Investments from receiver PricewaterhouseCoopers for an undisclosed sum.
The purchase by Tasman Bay Finance, South Canterbury's local subsidiary, is effective from March 31.
The transaction involves around 12 business and another 330 consumer loans.
"We were keen to strengthen our presence in the region after establishing Tasman Bay Finance two years ago," said Peter Bosworth, chief operations officer for South Canterbury Finance Group.
Tasman Bay Finance is one of 15 regionally based finance companies in the South Canterbury Finance Group and covers the Nelson, Marlborough and West Coast districts.
South Canterbury Finance has been operating since 1926 and is the largest privately owned finance company in New Zealand.
- NZPA
