Shares in Building Society Holdings Ltd, the parent company of the proposed "heartland" bank, will begin trading on the stock exchange next week.
There will be 300 million shares on issue at 88c each, giving the company a value of $264 million.
The listing follows a year integrating the merger of CBS Canterbury, the Southern Cross Building Society and subsidiary of listed Pyne Gould Corp's Marac Finance, in preparation to apply for a banking licence.
The company has assets valued at $2.2 billion and gained an investment grade Standard & Poor's rating of BBB- in early January. Pyne Gould Corp will initially have a 71% share and Southern Cross and CBS Canterbury 14.5% each.
Earlier this week it was announced the top executives and managers of listed Pyne Gould Corp, who were involved in the merger, had been rewarded with $1.8 million in shares, affecting both PGC and the heartland bank's holding company.
The shares reward, equating to 0.5% of the company, will have a $1.7 million impact on PGC's after-tax profit for 2011, while the remainder will cost Building Society Holdings Ltd $300,000 this year and $100,000 next financial year.
The shares are being released in four tranches, the first this week and the final in July, 2012.
