NZ's Pyne Gould to seek banking licence

WELLINGTON, Sept 30 (Reuters) - New Zealand investment company Pyne Gould Corp Ltd (PGC.NZ) will seek a banking licence to become the only domestically owned listed bank, the company said on Tuesday.

The company, which owns finance company Marac Finance Ltd and a minority stake in agribusiness PGG Wrightson (PGW.NZ), said it would apply to the Reserve Bank of NZ to become the country's 18th licenced bank.

It said the Marac business and the company's Perpetual Trust operation would form the core of the new bank, which would offer specialist banking services mainly to small and medium-sized businesses, but also some personal services for individuals.

"The new bank will continue to offer the majority of the current services of both companies while focusing on what they do best," said Managing Director Brian Jolliffe.

"We will not duplicate the broader activities of the other mainstream banks."

Marac is New Zealand's fourth-biggest finance company with assets of around about NZ$1.4 billion ($940 million) at June 30, offering finance for business plant and equipment and some consumer finance for cars.

Pyne Gould shares last traded down 3.9 percent to NZ$3.17 on slim volume and in a broader market down 4.2 percent .NZ50. The company said it would also look at its 22 percent stake in PGG Wrightson, and could distribute it to its shareholders.

New Zealand's NZ$230 billion banking market is dominated by four Australian-owned banks, ANZ-National (ANZ.AX), Bank of New Zealand (NAB.AX), ASB Bank (CBA.AX), and Westpac Bank (WBC.AX).

There are only two locally owned licenced banks, the state-owned Kiwibank and the regional-based TSB Bank, which is owned by a local community trust. ($1=NZ$1.49) (Reporting by Gyles Beckford)