Bancorp Wealth Management New Zealand Ltd.
Bancorp increases majority in insurance broker Boston Marks
Bancorp Wealth Management New Zealand Limited / Key word(s): Miscellaneous Bancorp increases majority in insurance broker Boston Marks – Bancorp is systematically implementing its adopted growth strategy – Strategic equity investment in the insurance broker Boston Marks increased to 40% – Creation of significant cross-selling potential – Significant rise in sales and earnings anticipated in 2012/2013 financial year Auckland, New Zealand, 5 December 2013 – Bancorp Wealth Management New Zealand Limited (Bancorp), New Zealand’s leading banking group in private and investment banking with an international focus, is increasing its equity investment in the insurance broker Boston Marks and thereby taking a major step in the further implementation of the growth strategy it has embarked on. By providing access to over 5,000 customers in more than 30 countries, Boston Marks’ international positioning as an insurance broker opens up significant cross-selling potential in the areas of aircraft financing and insurance and brokerage of aircraft insurance in Bancorp’s Aviation division. In addition, its specific aviation expertise and strong market position allow for attractive, customised insurance solutions, resulting in competitive advantages particularly in aviation financing by Bancorp. Boston Marks therefore acts as a growth driver and a core element of the expansion strategy embarked on. In this context, the company anticipates a significant expansion of its market position in the field of aviation. As a result of the increase in the equity interest in Boston Marks to 40%, the company will be included in the scope of consolidation of the Bancorp Group. Boston Marks generated gross written premiums totaling approximately USD 200 million in the 2012/2013 financial year. With 13 subsidiaries and equity investments, the Bancorp Group operates in two business areas. In its Private Banking division, the Bancorp Group offers an extensive portfolio of banking products, services and investment opportunities in New Zealand. In its second division, Aviation, it holds equity investments in the field of aviation financing, insurance brokers and aviation-related companies. The equity investment in Boston Marks Holdings Limited (Boston Marks), the world’s leading independent specialist in the brokerage of aircraft insurance, plays a key role in this area. Board of Directors For more information visit: www.bancorp.co.nz About Bancorp Group It is intended to admit the shares of Bancorp Wealth Management New Zealand Limited to trading in the Entry Standard of the Frankfurt Stock Exchange in 2013. End of Corporate News 05.12.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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