Building Society Holdings, the holding company of new building society Heartland created out of the merger of three financial institutions, listed on the New Zealand stock exchange yesterday. The listing allows investors to participate in the shares of what could later become the only listed local bank. The shares opened at NZ$0.95, then fell to a low of NZ$0.85, before closing at NZ$0.88. Based on unaudited accounts, as of June 30, 2010, the net tangible assets of Building Society Holdings are around NZ$265 million, which gives an effective share price of $0.88 a share based on the 300 million shares on issue. Combined Building Society, as the new building society is called, was formed in January from the merger of MARAC Finance, Southern Cross Building Society and CBS Canterbury. The group, which uses Heartland as its working title, plans to apply for a banking licence when it is ready. Post-merger, Heartland is looking to grow its nationwide distribution footprint. It is sparing no time looking for both rural relationship managers and business managers across the country.