Pyne Gould Corporation wants to become a registered bank and is looking to offload its stake in PGG Wrightson as it concentrates on the financial sector.
Managing director Brian Jolliffe says PPG's financial services businesses, Marac and Perpetual, already have the attributes of a bank.
Mr Jolliffe says Pyne Gould had been moving in this direction but the current state of the market, including the collapse of prominent finance firms, has hastened its decision.
He hopes a banking licence will be obtained from the Reserve Bank by early next year.
Mr Jolliffe says it will not be a full service bank, as it will not offer mortgages or banking products such as cheque accounts.
As part of the change, the board of Pyne Gould board is reviewing its 22% stake in PGG Wrightson, including the option of distributing its holding to shareholders.
