Strata Finance to withdraw prospectus and run down book

Property financier Strata Finance has told interest.co.nz it has withdrawn its prospectus and will run down its loan book rather than try to continue in the current environment. Strata said it was unlikely to get a credit rating strong enough to raise new money and would be too small to exist in the new regulatory regime being run by the Reserve Bank. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.