| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 22 November 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m. The Applicant is proposing to establish a securitisation trust in New Zealand through which it will fund receivables with the Applicant as beneficiary. The pooling and securitisation of receivables will enable the Applicant to obtain funding from banks to fund its New Zealand business. |
| Asset Value | $300,000,000 |
| Applicant | KVD Hong Kong Limited United States Public (39.032%) Deutsche Bank AG, Germany (30.0%) Various overseas persons (11.977%) Singapore Public (5.642%) Cayman Islands Public (4.5325%) Saudia Arabian Public (4.3925%) Canadian Public (2.499%) Swiss Public (1.925%) |
| Vendor | Latitude Financial Services Limited United States Public (39.032%) Deutsche Bank AG, Germany (30.0%) Various overseas persons (11.977%) Singapore Public (5.642%) Cayman Islands Public (4.5325%) Saudia Arabian Public (4.3925%) Canadian Public (2.499%) Swiss Public (1.925%) |
| Background | The Applicant is part of a group providing finance to customers in New Zealand in the form of credit cards and other financing arrangements. This group has an established securitisation programme which involves the pooling of consumer receivables and the selling of those receivables to special purpose trusts. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Daniel Meikle Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |