ABS seeks name change

Ashburton Building Society said today it is looking to change its name to CBS Canterbury, in a bid to form a stronger regional identity.

The listed South Island lender will seek shareholder approval for the name change, and a proposed merger with Christchurch-based SMC Building Society, at a special meeting in Ashburton in March.

"Our banking services are diversified between our traditional base in the Ashburton district and metropolitan Christchurch and the new name will underscore our growth opportunities in the Canterbury region," ABS chairman, Graham Kennedy, said.

If the name change goes ahead, ABS will begin trading under the new code from mid-March.

ABS was established in 1909 and lends against mortgages for homes, farms and commercial property, mainly in the South Island.

The company posted a net after tax surplus of $1.60 million in the year to March 2005, up 40 per cent from $1.14m in 2004.

Shares in ABS last traded at $4.22 on January 16.

- NZPA