Former CBS Canterbury chief executive Bryan Inch is stepping down from his new role as head of retail at Combined Building Society Ltd, or the proposed 'Heartland Bank", just days after assuming it.
In a stock exchange statement the Combined Building Society, which was created through the merger of Marac Finance, CBS Canterbury and the Southern Cross Building Society on January 7, said Inch - a former Rabobank executive - had announced today that he planned to leave the business effective January 31. That's the date the new entity, which is 72% owned by Marac's parent Pyne Gould Corporation (PGC), is due to list on the share market.
PGC CEO and Combined Building Society managing director Jeff Greenslade said Inch had been "instrumental" in bringing about the merger. Greenslade said he was disappointed to lose such a capable individual.
"Michael Harris, a direct report of Mr Inch will assume the position of Head of Retail in the interim, splitting his time between the Ashburton and Christchurch offices," Greenslade said.
Inch himself couldn't be reached for comment.
Inch was one of just three executives in Combined Building Society's 10 member management team appointed from outside PGC and Marac.
Combined Building Society received a BBB- investment grade credit rating from Standard & Poor's earlier this month and plans to apply to the Reserve Bank for a banking licence in July. The proposed 'Heartland Bank' would aim to double its NZ$2.2 billion asset base within five years through growing lending to families, small businesses and the rural sector. Greenslade says Combined Building Society will, however, only apply for a banking licence when it's confident of succeeding.