INDEPENDENT NEWS

"Heartland” bank gets final thumbs up from depositors

Published: Fri 10 Dec 2010 05:32 PM
"Heartland” bank gets final thumbs up from depositors
Dec. 10 (BusinessDesk) New Zealand's "heartland bank" is one step closer to becoming a reality after CBS Canterbury depositors gave the thumbs up to the $2.2 billion merger with Pyne Gould Corp.'s Marac finance Unit and South Cross Building Society in a seventh and final vote.
Building Society Holdings Ltd., the name of the new merged group, confirmed a target date for final court orders of Dec. 16, leaving only a small number of implementation steps to be completed before it launches in early January next year, according to a statement from the company.
"We certainly think we are well placed to look after the part of the market which is currently underserviced - that being the banking market for SMEs, rural businesses and New Zealand individuals and families," said chairman Bruce Irvine.
"We firmly believe the merger is a compelling value enhancing proposition for members and shareholders that would not otherwise be available to each of us on a standalone basis.
"The next milestone for the newly merged entity will be a listing on the NZX by February next year, followed by an application for a license in the middle of 2011.
The seventh and final 'yes' vote ends a protracted process in which the Marac, Southern Cross and CBS were forced to recanvas depositors and debenture holders after they initially failed to reach a quorum to pass the motion.Pyne Gould shares were unchanged at 38 cents, having declined from a high of 50 cents in January.
(BusinessDesk) 17:29:39
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Services lead GDP growth
By: Statistics New Zealand
Letter to Immigration Minister From Early Harvesting Growers
By: One Plus One
Scientists discover one of world’s oldest bird species
By: Canterbury Museum
Helping regions fill skills shortages and Kiwis come first
By: New Zealand Government
Report: Govt Inquiry into Auckland Fuel Supply Disruption
By: Inquiry into The Auckland Fuel Supply Disruption
NZ economy grows 0.5% in June quarter, beating expectations
By: BusinessDesk
Don’t blame President Trump for slowing economy
By: New Zealand National Party
Labour's big government economic policies continue to fail
By: ACT New Zealand
Kiwi economic growth slows. We need fiscal caffeination
By: Kiwibank
Weakening economic growth shows need for tax cuts
By: New Zealand Taxpayers' Union
Employers pen open letter to Minister in ‘desperation’
By: New Zealand National Party
Dismissive Minister out of touch with reality
By: ACT New Zealand
Labour issues in booming sector
By: Bayleys
Migrant Workers Association criticises work visa overhaul
By: RNZ
More detail needed on migrant worker policy
By: BusinessDesk
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media