A subsidiary of the failed South Canterbury Finance has been sold.
Receiver McGrathNicol says GE Capital has bought more than $100 million worth of commercial loans from Face Finance.
South Canterbury Finance had a 75% stake in Face Finance which specialises in plant and equipment finance and operated on a standalone basis.
McGrathNicol says the acquisition will provide greater certainty for Face Finance's customers.
GE Capital says the purchase expands its customer base in the equipment finance market.
The receivers have already sold South Canterbury Finance's Helicopters New Zealand for $160 million, and an 80% stake in Scales Corporation for $44 million.
