Heartland Group Holdings Acknowledges TSB Section 95 Notice From RBNZ, Continues Merger Engagement

MT Newswires Live

Sep 25

Heartland Group Holdings (ASX:HGH, NZE:HGH) acknowledged the statement published by TSB Bank regarding a Section 95 notice issued by the Reserve Bank of New Zealand on September 18, requiring TSB to commission independent assurance regarding its compliance with prudential requirements, according to a Friday New Zealand and Australia bourse filing.

The company said TSB has confirmed Deloitte New Zealand will be appointed as the independent reviewer, with the RBNZ expecting a final report in November, the filing added.

Heartland and Toi Foundation continue to engage with the RBNZ regarding Heartland's proposal to acquire all TSB shares from Toi Foundation and subsequently merge Heartland Bank and TSB, it added.

Heartland Chief Executive Andrew Dixson said the company will consider any relevant findings from the review, including any implications for the proposed transaction, as the review progresses.

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