Court approves 'Heartland Bank' merger
The $2.2 billion merger proposal to create a New Zealand-controlled listed banking and financial services group moved another step forward when final court orders were granted today.
The merger between Marac, CBS Canterbury and Southern Cross Building Society will create a financial services entity that backers plan to turn into a ‘Heartland Bank’.
The court orders pave the way for the merger to be implemented in early January.
Shares in the merged group holding company, Building Society Holdings Limited (BSHL), will be issued to shareholders of CBS Canterbury (13.04%) and Southern Cross Building Society (14.75%) on January 7.
Most of the shares in BSHL (72.21%) are held by Marac owner Pyne Gould Corporation, which is separately listed on the NZSX.
Listing on the NZX of BSHL is expected to take place on January 31 next year.