Building Society Holdings, the three-way merger of a group of Christchurch-based financiers, is moving towards its planned NZX listing and continues to seek a banking licence.Last week, seven months after first signing a memorandum of understanding to merge their banking related activities, Pyne Gould Corp's MARAC Finance unit, Southern Cross Building Society and Canterbury Building Society completed their merger. The three now form Building Society Holdings. Shares in the new entity will be listed on the stock exchange on January 31.The new entity now has to satisfy the Reserve Bank of New Zealand that it will be able to meet the conditions for bank registration.However, the dream of getting a banking licence got closer after ratings agency Standard & Poor's assigned an investment grade rating of BBB- with a stable outlook to Combined Building Society, the name under which the merged businesses now operate. An investment grade rating is not a prerequisite for the granting of a banking licence but is looked upon favourably.Last week, Combined Building Society was approved, under the NZ government's extended guarantee scheme, as a replacement to the separate ratings previously given to each of the three entities. An extended guarantee was considered important to proceed with the merger as it ensures the combined entity can continue to source funds at a cost-effective rate.