Bancorp Wealth Management New Zealand Ltd.
Bancorp successfully listed in Frankfurt Stock Exchange Entry Standard
Bancorp Wealth Management New Zealand Limited / Key word(s): Miscellaneous
Bancorp successfully listed in Frankfurt Stock Exchange Entry Standard – Operating activities to focus on aviation insurance Auckland, New Zealand, 16 April 2014 – Bancorp Wealth Management New Zealand Limited (Bancorp, ISIN: NZBWME0001S2) has announced details of its successful listing on the Frankfurt Stock Exchange. As part of a public offering, a total of 9,999,599 no-par-value bearer shares (ordinary shares) were admitted to trading in the Entry Standard on 16 April 2014. The first trading price was 4.20 Euro which leads to a market capitalisation of around EUR 42 million. A capital increase was not implemented as part of the listing. The New Zealand-based Bancorp Group and its approximately 85 employees worldwide provide services for more than 5,000 customers in 30 countries. The company operates in the business areas of Aviation and Private Banking with a strategic focus on Aviation, which holds equity investments in the field of insurance brokerage, aviation financing and aviation-related companies. The Group’s key growth driver is its equity investment in Boston Marks Holdings Limited. Boston Marks is a leading independent specialist for the brokerage of aircraft insurance. Bancorp currently brokers insurance volumes worth around NZ$ 250 million per year. The insurance business alone contributes around 65% to the sales of the Bancorp Group. This share is expected to increase significantly in the financial year 2014/2015 as well. In future, Bancorp’s management is striving to increase the market share of Boston Marks significantly through organic and non-organic growth and to continuously improve its earnings power. According to a report, the international aviation market is expected to undergo massive growth in the coming years as well. In particular, the Asia-Pacific region will virtually triple by 2031 – measured by the number of passenger kilometres. The development in demand for aviation insurance has been assessed as correspondingly positive. With its listing in the Entry Standard of the Frankfurt Stock Exchange, Bancorp hopes to facilitate liquid trading in shares for its existing shareholders on the one hand, while attracting new shareholders through its presence on the European capital market on the other. “In addition to the tradability of our shares, the prestige of the Frankfurt Stock Exchange on the international stage is very important to us. Also, being listed in the Entry Standard of the Frankfurt Stock Exchange emphasises our already international corporate structure and culture,” said Craig Brownie, Managing Director of Bancorp. Board of Directors About Bancorp End of Corporate News 16.04.2014 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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