12 Apr 2011

Application for banking license later this year

6:45 am on 12 April 2011

Building Society Holdings expects to apply for a banking license in the second half of this year.

The company was established through the merger of CBS Canterbury, Southern Cross Building Society and Marac Finance. It eventually plans to become a $2.2 billion bank.

Only 28% of the company's shares are available to be traded at the moment - the rest will be made available next month, after Pyne Gould's shares have been distributed to its shareholders.

In an update to investors, the company says it expects be included in the NZX top 50 index in October, apply for a banking license in the second half of the year and release its first full year financial results in August.

Building Society Holdings shares fell 1 cent to 70c Monday.