Combined building societies debut on NZX

Newly created "heartland bank" Building Society Holdings debuted on the sharemarket this morning, with shares opening at 95c.

Building Society, incorporating Canterbury Building Society, Southern Cross Building Society and Pyne Gould Corp's Marac Finance, merged last month and aims to become a registered bank.

It has net assets of around $310 million, total assets of around $2.2 billion, and an investment grade BBB- rating from Standard & Poor's. Marac is the largest entity, followed by CBS and SBS.

"Having three institutions with such a strong shared history combining, and committing to keeping investors informed via our public markets, is positive for the finance sector and for the New Zealand investment community," NZX chief executive Mark Weldon said.

By early afternoon, the company's shares slipped to 88c on the back of 227,575 traded, valuing the company at $264m. They hit a low during the session of 85c.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

PCT - Sale of PwC Tower to New Investment Partnership
MEL - Waitaki reconsenting receives final approval
June 15th Morning Report
Devon Funds Morning Note - 12 June 2026
June 11th Morning Report
SKO - Leadership Update
June 8th Morning Report
RBNZ announces decision on use of the word "bank"
June 2nd Morning Report
IKE - FY26 Financial Results