Bank merger faces barrier

Some Marac investors have voted in favour of a merger with Southern Cross Building Society and Canterbury Building Society, but a shareholder meeting fell short of a quorum.

At a special meeting of Marac stockholders and PIE fund unitholders yesterday, 99.4 per cent of PIE investors voted in favour of the merger, well above the 75 per cent required.

A quorum was not present of Marac shareholders, which was expected because of the wide spread of shareholders, so another meeting will be held in Auckland on December 8 with a lower attendance requirement.

The merger date of January 7 would not be affected, the company said.

A meeting of Southern Cross depositors yesterday also lacked a quorum, and another meeting for them will be held on December 7. Southern Cross shareholders voted 98.8 per cent in favour.

Canterbury Building Society (CBS) shareholders meet today, and there will be special meetings of Pyne Gould Corporation shareholders and CBS depositors on Friday. Marac is a subsidiary of Pyne Gould.

An NZX listing for the newly created financial services group, Building Society Holdings Ltd, is targeted for early February.

- NZPA