14 September 2007
Media Release
Senate Finance Announces New Funding Partnership With Ge Money
Senate Finance, owned and operated by financial solutions provider Dorchester Pacific Limited, today announced a new
funding partnership with GE Money.
From today (14 September 2007), GE Money will commence financing for Senate’s vehicle lending operation.
Senate will operate as a broker of loans in the Auckland used car market, continuing to service its existing network of
dealers and customers by sourcing the most appropriate finance provider on their behalf. There will be no impact on
existing loan arrangements with customers.
Andrew Walker, CEO of Dorchester Pacific, said “I am very pleased with the new financing arrangement with GE Money,
which is in line with the strategic direction we signalled last year and confirmed at our recent Annual Meeting to
streamline our business and move away from consumer related finance.
“The new partnership allows Senate to earn brokerage revenue by building on the excellent service and relationships it
has established with its motor vehicle dealer network and customers over many years. The financing risk will be carried
by third parties including GE Money, one of New Zealand’s leading consumer lending finance companies.”
As the largest non-bank financial institution and the only finance company owned and funded by a AAA rated parent, GE
Money is committed to the financial services market in New Zealand.
Managing director, GE Money New Zealand, Greg White, said, “GE Money is very pleased to be working together with Senate,
part of an established and reputable brand.
“We look forward to sharing our strength and expertise in consumer finance to support the growth of both of our
businesses.”
Ends