27 Feb 2009

NZ managers to buy remaining stake ABN AMRO Craigs

10:16 pm on 27 February 2009

Stockbroking firm ABN AMRO Craigs will soon be fully New Zealand owned, after a decision by the Royal Bank of Scotland to exit its 50% stake in the business.

The New Zealand partners in the broking firm, who own the other 50% of the company, plan to buy the remaining shares in the business for an undisclosed sum at the end of March.

The move follows Royal Bank of Scotland's 24.1 billion Stg loss for 2008, the biggest loss in British corporate history.

ABN AMRO Craigs plans to offer some of the remaining shares to senior staff working for the New Zealand business.

Managing director Neil Craig says staff are ecstatic about the move to acquire the remaining stake in the business.

Mr Craig says there will be a transition period for the business and the brand name will be changed by September.