A new Kiwi bank?

A new Kiwi bank could be part of the finance industry, with Canterbury Building Society, Southern Cross Building Society and Pyne Gould Corporation announcing this week a merger proposal that would create a new registered bank.

The three want to merge their banking related activities and the merged entity would be listed on the stock exchange. The merged entity would be based in the South Island with a national network.

Finsec President Kelvin Pycroft said that on the face of it Finsec supported the proposal but called for the protection of staff in the process. “There are many Finsec members working in these organisations, and each has a collective agreement, often with different terms and conditions. We will be working hard to ensure that staff are looked after in the development of the new bank.”

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