Ex-CBS Canterbury CEO Bryan Inch walks away from role as head of retail for the proposed 'Heartland Bank'

Ex-CBS Canterbury CEO Bryan Inch walks away from role as head of retail for the proposed 'Heartland Bank'

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.

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Finally, has somebody got a conscience?

If the canary falls over, would you go down into the mine?

why are we allowed to even establish more lending institutions in our current (economic and social) position?

why are we allowed to even establish more lending institutions in our current (economic and social) position?

Well interest ed..!...it's all to do with not wanting to waste an opportunity offered by a govt and RB both of which regard banks and cheap credit( or greater debt) as the solution to the problem caused by too much cheap credit (or too much debt) and greedy banks. It's an opportunity to grab a slice of the economy and so what if it's an old cold offal pie with runny sauce.

yeah I thought so Wolly, it was sort of a rhetorical question for you ... but I guess the question I should have asked is - why can't we stop this happening?

Arrr wellll....there you run into trouble interested...we suffer from the fact that govt is way too chummy with the money lords and the relationship is very incestuous.

Gotta go...sheep to chase. 

There is no such thing as a bank license in New Zealand.  The RBNZ require people to register with the RBNZ (hencethe proper term Bank registration).  Media in NZ are fixated with the term bank license as if there is a certificate that allows a bank to operate as a bank.  This irks the RBNZ {maybe that's why the media do it}.

Not strictly correct Silent Kiwi

While the BUSINESS of banking is not licenced; being able to CALL yourself a BANK is.....

Its all about brand image - Reserve Bank creates the brand - which gives the impression of safety  - and then everyone wants to use the brand - as image is important.

 

Prior to the crisis - was not really -thats why smaller guys never bothered - now it is - so they bother