18 Dec 2010

NZ Guardian Trust sold by Suncorp

10:24 pm on 18 December 2010

Australasian life insurance firm Suncorp has sold its New Zealand Guardian Trust business for $42 million.

The buyer is another Australian firm, the Trust Company, which is a financial services firm.

Guardian Trust is best known as a trustee for finance firms such as Hanover Finance, though it also wound down a mortgage fund that ran into trouble due to the global financial crisis.

Suncorp will book a $A40 million loss after the sale. The company says the loss is mainly due to the write-off of goodwill.