SBS takes in NZ$75 mln in new deposits in October

Freshly approved bank SBS, the former Southland Building Society, said it had taken in NZ$75 million in new deposits in October. "In one month we've probably got funding growth that we could usually expect over a period of six months, so it's been an extremely positive response to us gaining bank registration," said SBS' General Manager of Finance Tim Loan. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.