27 Oct 2010

Deutsche Bank to oversee sale of SCF assets

7:17 am on 27 October 2010

The receivers of South Canterbury Finance say Deutsche Bank will contact all interested buyers for the company's core finance business in coming weeks, ahead of a formal sale process beginning early next year.

South Canterbury Finance was put into receivership in August, costing taxpayers nearly $1.8 billion.

In a statement, receiver McGrathNicol says Deutsche Bank will oversee the sale of South Canterbury Finance's branch network and subsidiaries including FACE Finance and Southbury Insurance.

Kerryn Downey from McGrathNicol says he'll be working with the advisors to determine the best sale strategy to deliver the optimum outcome for the Crown and other stakeholders.