1 Feb 2011

Building Society Holdings shares begin trading

12:40 pm on 1 February 2011

Another major step has been taken in creation of a new, $2.2 billion bank.

Shares in the newly-formed Building Society Holdings began trading on the New Zealand stock exchange on Tuesday.

CBS Canterbury, Southern Cross Building Society and Marac Finance are merging to create a 'Heartland Bank'.

Building Society Holdings managing director Jeff Greenslade says 28% of the company's shares - representing the holdings of the former building societies - are available to be traded.

Pyne Gould's shares were still being distributed to its shareholders, and would be available for trading later this year.

Mr Greenslade says he's hopeful the company will take a spot on the NZX50 index later this year.

Building Society Holdings hopes to provide an update to the market shortly, about when the rest of its shares will be trading.