Jolliffe to step down

Brian Jolliffe will step down as managing director of Pyne Gould Corporation (PGC) and its finance subsidiary Marac Finance on June 30 next year.

Jolliffe is leaving for lifestyle reasons.

PGC said in September it wanted to become the only New Zealand-owned publicly listed bank. The company's two existing financial services businesses, Marac and Perpetual, would form the core of the new bank.

Marac Finance said yesterday it was in a sound condition but its performance in the year to June 30, 2009 would be below last year's.