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Article: ALLIED FARMERS; Finance arm to expand
- Article from:
- The Press
- Article date:
- June 29, 2007
- Author:
CopyrightCopyright 2007 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Allied Farmers' newly amalgamated finance company is targeting a
five-fold increase in its farm lending in the next few years.
The amalgamation of the rural services firm's two finance
companies, Allied Prime Finance and Nationwide Finance, was approved
by security holders this week and will be completed today. The new
firm, which will generate about 60 per cent of Allied Farmers' pre-
tax profit next year, is called Allied Nationwide Finance.
Allied Farmers chief executive David Bale said the company's
farming book was worth about $20 million at the moment. "I would see
us getting to the $100m level in a couple of years in this (rural
lending) area," he said.
Allied Nationwide Finance ...