By NZPA
|
Friday 15th November 2002 |
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Tower said it had taken the personal and corporate trustee business off the market.
The sale, announced in July, was being managed by Sydney- based KPMG Corporate Finance. Tower had planned to retain Tower Trust's superannuation and investment management services.
"A number of interested parties have completed due diligence and submitted bids for the business in recent months, but Tower has decided that retaining this business, and incorporating it in Tower's growth strategies going forward, would be the best use of shareholder capital," the company said in a statement.
It said Tower Trust was a profitable and growing business and it would continue to be an important contributor to Tower.
Tower said recent changes in its management and structure, the announcement of a loss for the 2002 financial year, together with this decision not to sell Tower Trust, "make it appropriate for Tower to review some of the strategic and operational initiatives it has been progressing".
It said it would announce the review findings early next year.
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