Heartland proposes $620m TSB Bank merger
The combined bank will compete with the Big Four Aussie-owned competitors and Kiwibank in a regional push.
As part of the deal, Toi Foundation will hold 17.5% of Heartland shares.
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A conditional merger implementation agreement has been signed between Heartland Group and the Toi Foundation to merge Heartland Bank and TSB.
Under the proposed deal, Heartland will acquire all TSB shares for $620 million. Immediately following the acquisition, Heartland Bank and TSB will merge to
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