Ratings agency Standard & Poor's confirmed its ratings on Canterbury Building Society and Southern Cross Building Society, which plan to merge into a proposed "heartland bank."

The launch of a new joint venture between Pyne Gould Corporation and the Automobile Association will allow the finance company to tap into the AA’s million-strong membership base.

The new deal, announced today, will see the two organisations join together to provide a wider range of insurance services.

AA already has its own insurance division, established in 1994 in a joint venture with GIO Australia, with Vero Insurance also signing on as a joint venture partner in 2002.

Marac Finance says it has been approved under the extended Crown Retail Deposit Guarantee Scheme.

Marac is a subsidiary of listed company Pyne Gould Corp. The extended scheme covers deposits by eligible investors through to December 31, 2011.

"Marac is pleased to have been among the first to be approved under the guarantee having met the qualifying criteria," chief executive Jeff Greenslade said.

While the extended Crown guarantee would provide investors with comfort, 
Marac was confident it had the strength to stand on its own.