Marac Finance's $70 million cash purchase of vehicle
financier GMAC New Zealand Ltd is a step towards its goal of
becoming a partner in a new South Island-based "Heartland"
bank.
Marac Finance Ltd said it has been approved under the
extended Crown Retail Deposit Guarantee Scheme. Marac is a
subsidiary of listed company Pyne Gould Corp. The extended
scheme covers deposits by eligible investors through to
December 31, 2011.
