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Banks ready for SCF funds

September 5, 2010

SBS Bank, Kiwibank and CBS Canterbury are picked as three savings institutions likely to gain a substantial chunk of South Canterbury Finance (SCF) bailout money.

Competition is hotting up among the banks and financial advising community for a share of the $1.6 billion government bailout going to former SCF depositors. SBS, Kiwibank and CBS have been picked by an independent banking commentator as more likely than others to benefit.

Meanwhile financial advisors have advertised special sessions for SCF investors on where next to put their freed up capital. Banks have been on the phones to customers that might have been hit by the finance company collapse.

The common view held by the banks is that the bulk of depositors will tip their money from the government into the security of a mainstream bank account.

But there is other competition. For example Forsyth Barr has advertised “attention South Canterbury Finance investors … What are your choices?”.

The evening seminar on “how to maintain your capital” and “maximise your income” would offer a diversity of options to the former SCF investors, Forsyth Barr investment advisor Ryan Cutts said.

The advertisement had already drawn a “very positive response” from mum and dad investors, he said.

Click here to read the rest of, Banks ready for SCF funds, by Alan Wood

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