Farmers Card and Q Card operator Fisher & Paykel Finance has approval from deposit-holders and its banking syndicate to change its corporate structure.
The changes will involve establishing a securitisation programme to fund part of the company's Q card lending through medium-term notes.
The company will also transfer its insurance business to parent company Fisher & Paykel Finance Holdings.
F&P Finance chief financial officer Rhys Clark said the company was "tidying up" its corporate structure to support growth.
The changes would allow individual business units to be more visible, he said.