19 minutes ago
Heartland Bank and TSB intend to merge and create a New Zealand bank large enough to compete with the big banks in the regions.
The conditional agreement would see Heartland Bank's parent Heartland Group buy all of TSB's shares for $620 million from TSB's parent, the Toi Foundation, to create TSB Heartland Bank.
"Our commitment to specialist products remains unchanged - this will simply be enhanced by full-service capabilities in New Zealand," Heartland Group chief executive Andrew Dixon said.
"By combining Heartland Bank's specialist product expertise with TSB's cost-effective funding and everyday banking services, we'll be able to offer more New Zealanders a better value banking alternative," he said.
