Warehouse offloads Money

It has been offering house, life and travel insurance under the Warehouse Money brand, and a credit card.

In a statement today, SBS said Finance Now had been conducting due diligence for the past few weeks, and, subject to the finalisation of formal documentation, the sale was expected to be completed within five weeks. 

It said the sale expanded an existing working relationship between The Warehouse and the SBS Banking Group, of which Finance Now is a subsidiary. 

John Ward, chair of the SBS Banking Group said, “this transaction is a positive development for the SBS Banking Group and in particular Finance Now. We look forward to continuing our long-standing and well established relationship with this strong New Zealand brand.”