Monday 29th March 2010 |
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Craigs Investment Partners plan to sell 49.9% of the sharebroking firm to Deutsche Bank less than a year after taking back control of the business from Royal Bank of Scotland.
The Tauranga-based firm will remain a stand-alone business, aligned with Deutsche Bank’s global investment banking platform.
Deutsche Bank exited the retail scene in New Zealand some years ago, but now sees scope for growth.
“Deutsche Bank will gain access to a significant retail and wholesale equities presence in New Zealand, and position both Craigs and Deutsche to capitalise on the growth in the New Zealand capital markets over the next decade,” Deutsche Bank New Zealand chief executive Brett Shepherd says.
Craigs Investment Partners Executive Chairman, Neil Craig said, “The Craigs Investment Partners Board is unanimous in its recommendation to our shareholders to approve this transaction.
However the deal requires approval from shareholders and obtaining the necessary regulatory and court approvals. Under the proposed transaction:
• Deutsche Banks’ New Zealand corporate finance team and Craigs Investment Partners equity and debt capital markets teams will work together, combining CIP’s established strength in distribution and New Zealand capital markets with Deutsche Bank’s leading advisory and global capital markets businesses, to provide all clients an enhanced service and product offering
The proposal is intended to be implemented by a scheme of arrangement.
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