An update on the proposed merger of TSB and Heartland Bank

Heartland Bank's CEO Leanne Lazarus has been endorsed as CEO designate of TSB Heartland Bank. Leanne’s appointment remains subject to completion of the merger and regulatory approvals.  

Leanne is well placed to lead the next phase of the merger, bringing the two banks together thoughtfully, supporting our people and customers through the transition, and drawing on the strengths of both organisations to achieve successful integration and future growth.  

Leanne's appointment would take effect when the proposed merger is completed. The merger remains subject to regulatory approvals and other conditions. 

Until then, TSB and Heartland Bank will continue to operate as separate banks under their current leadership. 

The proposed merger is expected to be completed no earlier than December 2026 once all required regulatory approvals are met.

The legal merger is expected to be completed in December 2026, when TSB and Heartland Bank would formally amalgamate to become the single legal entity TSB Heartland Bank Limited. However the TSB brand would continue for our products and services and our customers

Other than the legal name change and some related regulatory updates, there would be no immediate changes for customers at that time. You would continue banking with us as you do today. Any changes to products, services or the way you bank with us may happen gradually over time, and we'd let you know well in advance before any changes affected you.  

No. While TSB and Heartland Bank would each become part of one bank, TSB Heartland Bank Limited, there are no immediate changes planned to the TSB brand. You’ll continue to bank with TSB as you do today. If that changes in the future, we’ll let you know as soon as we can.

No. Heartland Bank is a New Zealand bank. It has a proud New Zealand heritage which started more than 150 years ago with the founding of the Ashburton Permanent Building & Investment Society in Ashburton, Canterbury in 1875.

In 2024, it became the only New Zealand bank to own an Australian bank. So rather than an Australian bank owning Heartland in New Zealand, Heartland has actually expanded from New Zealand into Australia.

Its parent company, Heartland Group Holdings Limited is a New Zealand company (it originated from Heartland Bank in 2018). While it is listed on the NZX and the ASX, the majority of its shareholders are based in New Zealand - and a lot of these shareholders are everyday Kiwi.  

Yes. If the proposed merger proceeds, TSB Heartland Bank will remain a proud New Zealand bank with deep regional roots, that continues to invest in New Zealand.

The combined bank will be:

• headquartered in New Zealand
• led and governed from New Zealand
• focused on serving New Zealand customers and communities.

The proposal involves TSB merging with Heartland Bank to create a new combined bank, to be called TSB Heartland Bank. 

As part of that proposal, Toi Foundation would sell its ownership of TSB and become a significant shareholder in Heartland Group Holdings Ltd which will own the proposed merged bank.

Under the proposal, Toi Foundation would remain invested in the future of the combined bank as one of its major shareholders. 

No. If the proposed merger goes ahead, we'll still have a strong presence in Taranaki.

Upon the merger TSB Heartland Bank will:

• retain TSB's branch network in Taranaki (and have a nationwide presence)
• keep our Customer Engagement Centre in Taranaki
• maintain Taranaki as a key operational hub for customer-facing banking services
• retain the TSB name as part of the proposed merged bank, TSB Heartland Bank.

TSB has proudly served Taranaki for generations, and that commitment remains unchanged. We'll also continue supporting customers and communities right across New Zealand.

Ultimately, regardless of the outcome, TSB is in a strong position today.

Before this merger was being considered, TSB already had a clear strategy and business plan in place. That plan has been approved by the Board, and we are already delivering against it. Our focus remains on serving our customers well, strengthening the bank, growing sustainably, and continuing to deliver for our shareholder and communities.

Our ambition is to build a stronger New Zealand bank.

Over time, this will mean: 

• more investment in technology, digital banking and fraud protection
• access to a broader range of products and services 
• a stronger Toi Foundation through its ongoing connection with the merged bank giving it the ability to fund philanthropic activities across the Taranaki region. 

Plus, as the parent company Heartland Group Holdings Limited is listed on the New Zealand Stock Exchange (NZX), our customers would have the opportunity to share in the future success of TSB Heartland Bank by becoming shareholders. This is not financial advice or an investment recommendation. Please see a professional adviser.

Toi Foundation proactively engaged with a range of parties at the beginning of this process, not all elected to make an offer. Please visit Toi Foundation's website for more information.