New NZ bank in the pipeline
(22 November 2010 – New Zealand) A meeting for the depositors of the Southern Cross Building Society to consider a merger with Canterbury Building Society and MARAC Finance has been rescheduled until the 7th December, due a lacking attendance as plans to create a new Kiwi-owned bank get underway.
Of the 19,000 depositors, less than 100 turned up at the meeting in Auckland earlier today.
Together with the 2,000 proxy votes which have already been received, the numbers fell well behind the 50.1 percent needed to continue with the meeting.
A vote of 75 percent is needed to approve the merger resolution, and at this stage tallied proxy votes are already indicating an 85.73 per cent support.
Long-time depositor Barrie Collett of Auckland, who has been with SCBS since 1971, told Stuff.Co.NZ that said he is supportive of the merger.
'It makes a lot of sense. Combined, the three organisations will be stronger,' Mr Collett said.
Another long-term Auckland depositor, Robert Ainsworth also agrees with the merger, 'especially in the light of the removal of the Government's deposit guarantee'.
This morning, 99.8 percent of the 530 SCBS shareholders voted to go ahead with the merger. A vote of 75 percent was needed to pass the resolution.
SCBS chairman Geoff Ricketts said the morning meeting was the 'most significant day in the history of the society since it was founded'.
Apart from the adjourned SCBS depositor meeting, five others are to be held over the week involving members, shareholders and depositors of CBS and MARAC.
If successful, the merger will happen on January 7 next year to be followed by NZX listing in early February of next year. It is expected that a banking licence will be applied for by the middle of next year.
'Heartland bank' is the theme of the merger, as the merged entity will primarily be servicing middle-New Zealand, but it may not be the name the new bank will be called.
Together with the 2,000 proxy votes which have already been received, the numbers fell well behind the 50.1 percent needed to continue with the meeting.
A vote of 75 percent is needed to approve the merger resolution, and at this stage tallied proxy votes are already indicating an 85.73 per cent support.
Long-time depositor Barrie Collett of Auckland, who has been with SCBS since 1971, told Stuff.Co.NZ that said he is supportive of the merger.
'It makes a lot of sense. Combined, the three organisations will be stronger,' Mr Collett said.
Another long-term Auckland depositor, Robert Ainsworth also agrees with the merger, 'especially in the light of the removal of the Government's deposit guarantee'.
This morning, 99.8 percent of the 530 SCBS shareholders voted to go ahead with the merger. A vote of 75 percent was needed to pass the resolution.
SCBS chairman Geoff Ricketts said the morning meeting was the 'most significant day in the history of the society since it was founded'.
Apart from the adjourned SCBS depositor meeting, five others are to be held over the week involving members, shareholders and depositors of CBS and MARAC.
If successful, the merger will happen on January 7 next year to be followed by NZX listing in early February of next year. It is expected that a banking licence will be applied for by the middle of next year.
'Heartland bank' is the theme of the merger, as the merged entity will primarily be servicing middle-New Zealand, but it may not be the name the new bank will be called.
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