TSB acknowledges the target date change for the merger between TSB and Heartland Bank and says it is confident that the merger can proceed by 1 March 2027.
TSB Board Chair Mark Darrow says a December 2026 completion was plausible but also ambitious.
"Working through the regulatory process is complex and taking more time has positive benefits around considered regulatory approvals and preparedness for Day 1 operations. With the holiday period approaching, 1 March is a realistic and achievable target. It gives the Reserve Bank time to work through the regulatory process carefully, whilst TSB continues preparing for Day 1 and running the bank well.
"The Board strongly remain of the view the transaction is in TSB’s best interests and has a strong strategic rationale that our customers will benefit from. If completed, it would bring together the strengths of both banks and create opportunities to support customers and communities across New Zealand, while maintaining a strong regional focus, especially for Taranaki."