Mazda Financial Services: What you need to know
Mazda Financial has issued a note explaining why it is closing its banking operations, and its relationship with its parent company, Mazda Financial Group.
Mazda Financial is shutting down its banking, investment and asset management businesses.
The company said it has made significant investments and that the investment community is “deeply appreciative” of the efforts made to develop its business.
It has added that it will continue to invest in its operations, including its financial services business, but the focus is now on the development of the Mazda brand and future growth.
Marlins president and chief financial officer Andy Manos said in a statement that the closure is “in the best interests of Mazda Financial, its shareholders and the Mazda Financial brand.”
He said the company will continue investing in the Mazda platform and its products.
In a statement, Mazda said that the bank’s banking and investment services division is closed as a result of a “complex restructuring of the business.”
Mazdas financial services division, which had about 50 employees, includes a wide range of banking and investing services businesses, including credit, investment banking and tax advisory.
Manos said that “as a result” of this “significant restructuring” the banking business will be closed “to the fullest extent permitted by the Bank Act and regulations,” including the repeal of the Capital Markets Transaction and the requirement to report the sale of a company to a foreign affiliate.
Manganiello, who has been Mazda Financial’s CEO since November, was the company’s CEO from 2007 until January 2018.