CBS merger team named

Two Canterbury-based building societies proposing a merger have named their senior management team ahead of the February 1 union date.

The Canterbury Building Society and the Loan and Building Society will appoint CBS chief executive David Street as interim chief executive, while LBS general manager John Moore will be merger project manager.

LBS director Gary Leech is the proposed chairman of the merged company. The company will review senior positions this year. Meetings to vote on the merger will be held on January 23 and 24 respectively for LBS and CBS shareholders. CBS was chosen as the continuing entity for logistical, administrative, accounting and tax reasons.