The Directors of South Canterbury Finance are reported to have named Bill Baylis as the Company's independent Chairman, after the resignation of Allan Hubbard who is the President for life.

Queenstown-based Baylis takes over as Hubbard look forward for a new partner-shareholder to divulge equity capital into the firm he had worked since 30 years, in a view to bring it back into compliance with its trust deed.

"We have said for some time that we are on the search for a significant amount of equity and really what that means is Allan selling down his 100% ownership through the parent Company", Maier explained interest.co.nz.

SCF's loan book and investments attribute to nearly $2 billion; however, the Company has been scrambling to raise new fund to pay off upcoming maturities.

In late May, rating agency Standard & Poor's reduced South Canterbury's long term credit rating by two notches to B plus.

Baylis is a former partner of accounting firm KPMG, and is presently Chairman of Real Journey's, a Director of Landcorp Farming, Port of Tauranga and many private Companies.

He is ex Chairman of Pyne Gould Guinness, PGG Wrightson and Naylor Love Enterprises.

Following the revelation of the appointment of Baylis today, South Canterbury posted that it was grabbing robust progress toward rebuilding a sound financial footing for the future.