SBS Bank reports higher surplus, says open to mergers SBS Bank, the former Southland Building Society, reported an operating surplus of $19.4 million in the year to March 31, up from $18.5m last year and said it is open to mergers with like-minded organisations. The net surplus after tax of $15m is up from $12m last year and is the highest since 2007. SBS Bank chief executive Ross Smith said it was pleasing performance in one of the most difficult economic periods in the 141-year-old history of the organisation. Wed, 11 Jul 2018 SBS
Invercargill-based SBS Bank talks up presence in Auckland market SBS Bank, the former Southland Building Society, has reported a 15 percent rise in bottom line profit it attributes in part to servicing Auckland mortgage clients from Invercargill. Wed, 11 Jul 2018 Ross SmithSBS
SBS Bank in merger talks with HBS SBS Bank, the former Southland Building Society, is merging with HBS Building Society in the latest consolidation in the financial sector. A heads of agreement has been signed to pursue a merger and both boards are in unanimous support. If the merger is approved, the targeted effective date is October 1. The agreement provides for the retention of all staff and management at HBS and the 125-year-old HBS brand. There is also a guarantee for continued and increased community distributions through sponsorships and an initial interest rate premium for term depositors. Wed, 11 Jul 2018 SBS
SBS Bank lifts interim profit 11% to $7m Southland-based SBS Bank boosted its tax-paid half-year profit 11% to $7.0 million at September 30, thanks to lower credit losses and “improved valuations on financial instruments.” The operating surplus for the first six months was $9.0 million, which is in line with the $9.3 million reported for the same period last year, managing director Ross Smith says. Wed, 11 Jul 2018 bankingSBS
SBS Bank and HBS merger plan favours HBS - Fitch Fitch Ratings said the advantages of a proposed merger of SBS Bank, the former Southland Building Society, and Hawke's Bay-based HBS Building Society are more obvious for HBS. Fitch today affirmed the ratings of both after they said yesterday they have signed a heads of agreement to pursue a merger supported by both boards. If the merger is approved, the targeted effective date is October 1. Fitch expects the merger to deliver a larger and more diversified financial institution and said the two are a good cultural fit. Wed, 11 Jul 2018 BusinessFinanceSBShbs
HBS shareholders approve merger with SBS HBS Building Society has received shareholder approval for its proposed merger with SBS Bank, the former Southland Building Society. At a special shareholder meeting today, 98 percent voted in favour, significantly over the 75 percent threshold required to ratify the merger. "That this number of members chose to vote affirmatively is a clear mandate that the HBS board has identified the right way to secure the future of our organisation," HBS chairman Frank Spencer said. Wed, 11 Jul 2018 SBS
SBS launches 10-year capital bond The 10-year subordinated redeemable share has an initial interest rate of 6.75% until October 31. NBR Contributor Mon, 02 Oct 2017 sbs bankSBSbondsMark McLean
Premium Kiwibank’s quarterly mortgage drought All four of the market minnows lent considerably more than the net $20 million Kiwibank added to its mortgage book in the three months. Jenny Ruth Thu, 28 Sep 2017 kiwibankbankingheartland bankanzmortgagesReserve BankRBNZNZ Super FundNew Zealand Super FundACCKevin MalloyBNZWestpacCommonwealth BankCBAASBBarbara ChapmanHSBCSBSCo-operative Bank
Warehouse agrees to sell financial services unit to SBS for $18m The retailer wants to focus its capital and people resources on its core retail business. BusinessDesk Mon, 24 Jul 2017 warehouseWarehouse GroupSBSFinance NowJoan Withers
Bank profits fall in first quarter as minnows chase market share over margin New Zealand's lenders have faced shrinking margins over the past year. BusinessDesk Wed, 12 Jul 2017 BanksearningsJohn KensigntonkiwibankSBSThe Co-operative BankCooperative BankTSBWestpacheartland bank
