Heartland shareholders approve $620 million TSB takeover and merger
Thursday 1 October 2026 · 2 outlets · 2 reports · updated In this story TSB Bank
Heartland Group Holdings shareholders have voted to proceed with a $620 million merger of Heartland Bank and TSB. At a special meeting in Auckland, 94.8 per cent of votes cast were in favour of the proposal to acquire TSB from the Toi Foundation.
Key facts
5 facts
- Shareholders approved the $620m merger at a special meeting in Auckland on Wednesday
- 94.8% of votes cast were in favour of the transaction
- Toi Foundation will receive 200 million Heartland shares valued at $1.25 each
- The merged entity is expected to be named TSB Heartland
- Completion of the transaction is targeted for December 2026
The full story
1 min read · 2 outlets
Heartland Group Holdings shareholders have voted to proceed with a $620 million takeover and merger of Heartland Bank with TSB. At a special meeting in Auckland on Wednesday, 94.8% of the votes cast were in favour of the proposal. Shareholders representing 58.09% of Heartland's shares participated in the vote.
The transaction involves Heartland Group acquiring TSB from its owner, the Toi Foundation, before merging it with Heartland Bank. If the deal meets final regulatory approval, the organisation will become TSB Heartland. As part of the purchase price, the Toi Foundation will receive 200 million Heartland shares valued at $1.25 each.
CEO Andrew Dixson stated that the approval is a "strong endorsement from our shareholders of the strategic rationale for this transaction and the long-term value it is expected to create". He added that Taranaki would remain a key operational hub for customer banking services, including its local branch network.
The merger is subject to several remaining conditions and regulatory approvals, with completion targeted for December 2026. This follows a period of scrutiny as the Reserve Bank recently requested an independent report into TSB regarding capital and liquidity ratio reporting. Deloitte has been appointed to conduct this review, with findings expected in November.
Where reports differ
- One report mentions the merger was approved by Toi Foundation trustees in August, while another specifies the vote was by TSB's shareholder, the Toi Foundation
Compiled from reports by RNZ and The Post.