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Briefs: FlexiGroup completes Fisher & Paykel acquisition, N1 Loans makes its ASX debut

21 March 2016 5:09PM
Consumer finance company FlexiGroup completed its A$275 million acquisition of Fisher & Paykel Finance on Friday. The deal, which was announced last October, has received final approvals from the Reserve Bank of New Zealand and the New Zealand Overseas investment Office. The acquisition adds more than NZ$600 million of receivables and 430,000 card members to FlexiGroup's business. Specialist Chinese language mortgage broker N1 Loans made its debut on the Australian Securities Exchange on Friday. Investors traded 109,000 shares of the stock, which has the ASX code N1H and which opened at 23 cents a share before finishing the day at 22 cents. N1 Loans raised A$5 million in its initial public offering and plans to use the proceeds of the float to help invest in a more prominent online presence and increase its marketing activity. Longer term, it aims to move into commercial lending, asset lending and financial planning.

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