26 Nov 2010

'Heartland' bank a step nearer

12:26 pm on 26 November 2010

The formation of a 'Heartland' bank is one step nearer.

Pyne Gould Corporation investors on Friday overwhelmingly supported the proposal to set up a $2.2 billion lender that brings together Marac Finance, Canterbury Building Society and Southern Cross Building Society.

Earlier this week, investors in the two building societies approved the merger, as did Marac PIE Fund investors.

Canterbury Building Society depositors and Marac stockholders are also expected to back the deal.