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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news