Building Society Holdings (BSHL), which is made up from Marac, Southern Cross Building Society and CBS Canterbury, has appointed Bruce Irvine as its chairman and Jeff Greenslade, from Marac, will lead a designated executive team.
As the merger remains subject to obtaining all necessary approvals, including that of the various shareholders, all executive appointments are designate and subject to further confirmation.
Under the current timetable the proposed date of merger is timed for January 2011.
In the meantime, Greenslade will remain chief executive of Pyne Gould Corporation (PGC) and its subsidiary MARAC. He will continue to do so following the establishment of BSHL.
The Board of PGC has decided to undertake a strategic review to determine the appropriate mechanisms to achieve separation of PGC's financial services assets (i.e. MARAC/Heartland) and non-banking assets (i.e. Torchlight) and to determine the options to unlock shareholder value in PGC once the merger process has been completed.
This review will be led by Greenslade and First NZ Capital has been engaged as financial advisor.
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