South Canterbury Finance receiver to sell consumer, business and rural lending divisions, plus Southbury Insurance

Read McGrathNicol's statement below:

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have commenced a process for the potential sale of SCF's consumer, business and rural lending divisions, and subsidiary Southbury Insurance, as a further step in realising the assets of the SCF Group.

Together they comprise the balance of SCF’s “good bank” business, following the sale process which was commenced for FACE Finance earlier in the year.

This sale process will be conducted by Deutsche Bank AG, as sale advisor for SCF’s core finance business.

Mr Downey and Mr Black said they expected this process could conclude by mid 2011.