DGAP-News: Bancorp increases majority in insurance broker Boston Marks
(firmenpresse) - DGAP-News: Bancorp Wealth Management New Zealand Limited / Key
word(s): Miscellaneous
Bancorp increases majority in insurance broker Boston Marks
05.12.2013 / 10:14
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Bancorp increases majority in insurance broker Boston Marks
- Bancorp is systematically implementing its adopted growth strategy
- Strategic equity investment in the insurance broker Boston Marks
increased to 40%
- Creation of significant cross-selling potential
- Significant rise in sales and earnings anticipated in 2012/2013
financial year
Auckland, New Zealand, 5 December 2013 - Bancorp Wealth Management New
Zealand Limited (Bancorp), New Zealand's leading banking group in private
and investment banking with an international focus, is increasing its
equity investment in the insurance broker Boston Marks and thereby taking a
major step in the further implementation of the growth strategy it has
embarked on.
By providing access to over 5,000 customers in more than 30 countries,
Boston Marks' international positioning as an insurance broker opens up
significant cross-selling potential in the areas of aircraft financing and
insurance and brokerage of aircraft insurance in Bancorp's Aviation
division. In addition, its specific aviation expertise and strong market
position allow for attractive, customised insurance solutions, resulting in
competitive advantages particularly in aviation financing by Bancorp.
Boston Marks therefore acts as a growth driver and a core element of the
expansion strategy embarked on. In this context, the company anticipates a
significant expansion of its market position in the field of aviation.
As a result of the increase in the equity interest in Boston Marks to 40%,
the company will be included in the scope of consolidation of the Bancorp
Group. Boston Marks generated gross written premiums totaling approximately
USD 200 million in the 2012/2013 financial year.
With 13 subsidiaries and equity investments, the Bancorp Group operates in
two business areas. In its Private Banking division, the Bancorp Group
offers an extensive portfolio of banking products, services and investment
opportunities in New Zealand. In its second division, Aviation, it holds
equity investments in the field of aviation financing, insurance brokers
and aviation-related companies. The equity investment in Boston Marks
Holdings Limited (Boston Marks), the world's leading independent specialist
in the brokerage of aircraft insurance, plays a key role in this area.
Board of Directors
For more information visit: www.bancorp.co.nz
About Bancorp Group
Bancorp Wealth Management New Zealand Limited (ISIN: NZBWME0001S2) and its
subsidiaries are a banking group based in New Zealand that provides
predominantly Asian clients with banking services and investment
opportunities in New Zealand. Under its internationally oriented 'Aviation'
division, the company holds equity investments in the field of aviation
financing, insurance brokers and aviation-related companies. Bancorp Wealth
Management New Zealand Limited acts as a holding company. Its operating
activities are conducted by 13 subsidiaries and equity investments.
It is intended to admit the shares of Bancorp Wealth Management New Zealand
Limited to trading in the Entry Standard of the Frankfurt Stock Exchange in
2013.
End of Corporate News---------------------------------------------------------------------
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243284 05.12.2013
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Datum: 05.12.2013 - 10:14 Uhr
Sprache: Deutsch
News-ID 322484
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