A merger that will eventually create the so-called Heartland Bank is facing its first test this week, seeking investor approval.
Pyne Gould Corporation is confident it will get the required support to merge its finance arm Marac with two building societies, eventually creating a $2.2 billion lender.
So far, Marac PIE fund unit-holders and Southern Cross Building Society shareholders have voted in favour of the merger.
But a meeting of Marac Finance stockholders failed to reach the required quorum and was been adjourned until the beginning of December.
Pyne Gould Corporation chief executive Jeff Greenslade says that being part of a larger organisation will benefit investors, as there will be more scale and diversity.
Canterbury Building Society investors will hold a meeting in Ashburton on Wednesday, while Pyne Gould shareholders and CBS depositors will hold meetings in Christchurch and Ashburton on Friday.
