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PGG Wrightson Finance Obtains $100m Facility From ASB Bank

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 10 NZPA - Farming sector lender PGG Wrightson Finance (PGWF) has obtained a $100 million facility from ASB Bank.

Bringing in a new bank and additional funding would ensure PGWF continued to grow, PGG Wrightson group general manager financial services Michael Thomas said today.

PGWF, a fully owned subsidiary of PGG Wrightson, funds its loans with retail deposits, bonds , bank credit lines and parent company equity.

The support from retail deposit clients had seen PGWF counter the industry trend of lower reinvestment rates, with a rate of 78 percent last month and an average rate of 80 percent over the past 10 months, Mr Thomas said.

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