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Two votes to go for Heartland Bank

Tuesday 7th December 2010

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The proposed new "Heartland" bank - a merger between two building societies and Marac Finance - has two votes to go before it gets investors' all clear following today's vote by Southern Cross Building Society (SCBS) depositors.

SCBS, Canterbury Building Society and Marac - the financial services subsidiary of Pyne Gould Corporation - are planning to launch a listed national bank on January 7.

SCBS voters representing just over one-fifth of depositors voted 82.6% in favour of the proposal today. SCBS shareholders have already voted in favour.

"We are now only two votes away from getting the required shareholder and depositor support from the merger parties with Marac depositors set to vote tomorrow and CBS Canterbury depositors on Friday," SCBS chairman Geoff Ricketts said.

The merged group, called Building Society Holdings, would target small business, the rural sector and "Middle New Zealand" - individuals and families defined as people earning between $30,000 and $60,000, who constitute one third of the population.

An NZX listing for the newly created financial services group is targeted for early February.



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