A report examining the pros and cons of a so-called heartland bank, has given the concept a thumbs-up.
Marac hopes to merge with the Canterbury and Southern Cross building societies early next year, to create a $2.2 billion lender, which will eventually list on the New Zealand Stock Exchange.
An appraisal report, co-authored by Cameron Partners and Northington Partners, has been released on Friday and concludes the business case for the merger appears robust.
Meetings for shareholders to vote on the proposed merger will begin on 22 November.
