A rose by any other name ...
To get the name it wanted — United Building Society — the huge new group formed by the merger of Canterbury Building Society and Northern United Building Society had to buy it by taking over the small United Building Society, of Christchurch. Mysterious takeover negotiations have been going on over the Christchurch company for some weeks, with the identity of the buyers kept secret. The fact that the two big societies were the bidders became clear when they announced the name of their
new company, the ÜBS. A Wellington spokesman. Mr Robin Clulee, confirmed that Canterbury and Northern United were the bidders, acting through a nominee company. “It was only petty -cash to them." Mr Clulee said, adding that the little company had a paid up capital of only $170,000. In effect, todays ’s proposals for the merger of the two big societies will lead to a merger of the three, as part of the continuing whittling away of the once very large number of societies.
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Press, 5 June 1982, Page 18
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170A rose by any other name ... Press, 5 June 1982, Page 18
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