tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, December 7th, 8:03AM

Investments

rss
Latest Headlines

Heartland bank to pitch to shareholders in November

The proposed merger of Marac Finance with Canterbury Building Society and Southern Cross Building Society will need to get approval from shareholders, bondholders and depositors to get over the line.

Tuesday, August 24th 2010, 6:48PM

The chairman of Marac's listed parent, Pyne Gould, Bruce Irvine told his shareholders in a letter that the three financiers had extensive due diligence underway, and will look to put a pitch to investors in November.

The merged entity will be held in an NZX-listed holding company, which existing PGC, CBS and SCBS shareholders will own. The operating group will be a building society made up of three financial institutions.

The merger would create a lender with $2.2 billion of assets and accomplish Marac's goal of becoming a registered bank. Marac's aspiration was dented last year when its credit rating was downgraded to a speculative BB+, below the Reserve Bank's minimum investment grade rating.

Former ASB executive James Mitchell was appointed project manager to evaluate the proposal three weeks ago, and will lead the integration of the three firms if the bid goes ahead.

PGC's shares rose 2.4% to 43 cents in trading in Tuesday.

 

« Equitable says downgrade has no impactS&P finally delivers some good news »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Advisors must take note of supervisor guidelines on AML/CFT
    “When I read this, the following memory plucked a note. Venue was a US financial planning conference maybe 30 years ago. Speaker...”
    22 hours ago by Murray Weatherston
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    3 days ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    4 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    4 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    4 days ago by Pragmatic
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com