Approval by the Reserve Bank is the final major hurdle for the proposed Heartland Bank to cross following another successful vote of merging partners in Christchurch yesterday.
Pyne Gould Corporation shareholders yesterday approved the merger of PGC's wholly-owned subsidiary Marac Finance with CBS Canterbury and Southern Cross Building Society.
The resolution, which required approval by at least 50% of the votes cast by PGC shareholders, was supported by 99.86% of those who voted.
"Our yes vote means that all shareholders of the merging parties have now given their support to the proposal to create a New Zealand-listed banking and financial services group. This is a significant endorsement of the strategic direction we have taken and brings us one step closer to it becoming a reality," PGC chairman Bruce Irvine said.
The adjourned meeting for Southern Cross depositors and stockholders would be held on December 7 and for Marac stockholders on December 8.
In the event that the CBS depositors meeting was adjourned, a provisional date of December 10 had been earmarked for the adjourned meeting, he said.
Quorums for the adjourned meetings of depositors and stockholders would be met by those present in person or by representative of the number and amount of deposits held by them, providing in the case of CBS and Southern Cross, they comprised at least two individuals, Mr Irvine said.
Craigs Investment Partners broker Chris Timms said getting the quorums could provide some difficulty for the merger but the timeframe was designed to cater for any difficulty.
"I can't see it being too much of a problem for them. Getting the Reserve Bank approval to call themselves a bank will be the major hurdle as they are already at investment grade," he said.
