National Australia Bank, the suitor advisors prefferred to take over AXA Asia Pacific, has made a decision to scrap its bid which means AMP is currently in the boxseat for the takeover unless other contenders emerge.

Southern Cross Medical Care Society reported a $7.1 million deficit after dipping into its reserves to help cope with a 7% rise in health-care claims and said its payout ratio is "unsustainable". 

Commerce Minister Simon Power has introduced several bills to Parliament today in his bid to tighten up financial market regulation after the finance company sector collapse over the past few years.

Prime Minister John Key would prefer a sale of failed financier South Canterbury Finance in one hit, as a going concern, as the receivers call for expressions of interest in the firm’s assets. 

Pyne Gould Corporation's (PGC) Perpetual Group is in talks to acquire ASB Bank's Aegis WRAP platform. No price was given in their statement.

Kiwibank's next phase of development will be led by an existing member of the state-owned bank's senior management team, Paul Brock, to replace founder chief executive Sam Knowles.

The biggest danger from the South Canterbury Finance receivership is overblowing its importance to the wider economy, sparking an unnecessary impact on consumer and business confidence, says the New Zealand Institute of Economic Research's principal economist, Shamubeel Eaqub.

South Canterbury Finance-controlled industrial group and apple grower, Scales Corporation, today reported a $10.1 million pre-tax operating surplus for the year to June 30, and a reassurance that it is unaffected by its majority shareholder's receivership. 

The government expects to spend up to five years getting as much of its money back as possible from the bail-out of failed financier South Canterbury Finance, Finance Minister Bill English said today.  

Bargain hunters who bet against South Canterbury Finance in the NZX debt market will be rubbing their hands with glee today with the guarantee covering the failed financier's listed bonds plus interest.  

South Canterbury Finance couldn't agree on the terms and conditions with three groups that were willing to stump up cash to keep the country's second-biggest finance company alive.

South Canterbury Finance's receivership has triggered a $1.6 billion payment under the government guarantee.

South Canterbury Finance today confirmed that it had requested Trustee Executors Limited, the Trustee under its debenture trust deed, to appoint a receiver to the Company because it had been unable to complete its proposed recapitalisation and restructuring.

South Canterbury Finance announced today that it has been unable to complete a recapitalisation and restructure.

The New Zealand dollar fell as the deadline arrives for South Canterbury Finance, which is trying to stave off a collapse which would cost the government some $600 million.

National Australia Bank has offered to sell Axa Asia Pacific's North investment platform to wealth manager IOOF Holdings to win antitrust regulator approval for its takeover of Axa.