Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


"Heartland” bank gets final thumbs up from depositors

"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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news