Merger brings bank closer

A $2.2 billion merger proposal to create a new New Zealand bank has come another step closer.

Depositors in Canterbury Building Society yesterday backed it to join Southern Cross Building Society and Marac Finance.

The company said the vote meant it was on track for final court orders for the merger on December 16 and ultimately a new bank.

The new company, Building Society Holdings, is expected list on January 31 before applying for a banking licence.