New Zealand-owned "heartland bank" appears set to go ahead with the last shareholders of the three merged entities yesterday voting in favour of the proposal.
Under the proposed merger to create a $2 billion bank, Marac Finance's parent, Pyne Gould Corp, would take a 71% share in the bank, with CBS Canterbury and Southern Cross Building Society taking 14.5% each.
The merged entity, Building Society Holdings Ltd, is scheduled to list on the New Zealand stock exchange next month, and apply for banking licences after that.
Yesterday, CBS Canterbury depositors in Ashburton voted to accept the proposed merger by 87.11% of the votes cast, which required a minimum 75% acceptance.
CBS chairman Gary Leech said it was "a momentous time for us and for our other merger partners.
"With all of our voting stakeholders now resoundingly supporting the merger, it is now very close to being a reality," he said in a brief statement.
An application has been made to the Crown to join the extended deposit guarantee scheme, with the merger proposal conditional on acceptance. The three entities have almost 70,000 customers, 360 staff and 70 branches or agencies throughout the country, including access to AA outlets, and assets totalling about $2.2 billion.
