Building societies plan merger

Two of Canterbury's oldest building societies are planning to join forces.

The SMC Building Society and ABS Canterbury want to have their respective organisations joined by April and are hoping for better growth and more opportunities

The deal needs the approval of their respective members, the Securities Commission and the Stock Exchange.

Both companies says the merger will not affect front line staff.

SMC chairman Richard Calvert says the merger is a key way for them to achieve greater growth than if they stood alone.

- NEWSTALK ZB