Shareholders approve ABS and SMC merger

The merger of Ashburton Building Society and Christchurch-based SMC Building Society has been given the all-clear by their respective shareholders and will become effective on April 1.

The merged entity will operate under the trading name CBS Canterbury, and will continue to list on the stock exchange's alternative market the NZAX.

The combined asset base of CBS will be approximately $335 million.

CBS will operate from Ashburton, Riccarton and Sydenham in Christchurch.

David Street, the former ABS chief executive, will head up CBS.

- NZPA