Pyne Gould Corporation director and major shareholder George Kerr is thought to have had a strong hand in the deal to merge Marac with Canterbury Building Society and Southern Cross Building Society.
Kerr, who has a long family connection with PGC, has a history of building up businesses and thenselling them on.
A prominent figure in the local funds management industry in the 1990s, he sold out of Spicers to global financial services giant AXA in 2001.
Market commentator Arthur Lim said the merger proposal raised questions over whether Kerr was in it for the long haul.
But PGC chief executive Jeff Greenslade played down Kerr's involvement. He said the three entities had all come to the same conclusion that consolidation in the sector was the "right pathway".
"The three of us had the other two names on our lists."
Greenslade said Kerr had been a very supportive shareholder and director of PGC but had been more involved in a new private equity fund.
"He has had a particular focus on Torchlight. What I have done is build up the banking team. There has been a lot of working going on with Marac to get the processes, and people up to a banking level."
Greenslade said whether the new bank stayed in the hands of New Zealanders would ultimately depend on the shareholders.
"We are very keen this be a New Zealand controlled and based entity."
