SCF's good bank sold to Japanese investment bank
The loan book includes consumer, business and rural loans.
Receiver William Black of McGrathNicol says while he can't be drawn into a discussion about the sale price, which is confidential, a suggestion the price was at a significant discount to face value "is not correct."
However, the sale price is only part of the story. "We've been running this company for the best part of a year now and we've have significant repayments on the loan book at 100 cents in the dollar," Black says.
That will become clear when the receivers, Black and his colleague Kerryn Downey, file their next statutory report in late October or early November, he says.
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