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Heartland to Acquire TSB for NZ$620M, Form 7th Largest Bank

6/2/2026

Summary

Story summary

Heartland Group Holdings agreed to buy TSB Bank from the Toi Foundation for NZ$620 million, valuing it at 0.76 times book and a 14.6 % premium.
Combined assets would be NZ$15 billion, making the new TSB Heartland Bank the seventh-largest and delivering 20 % EPS accretion in year one from NZ$34 million synergies.
The merger needs approval from Toi trustees, Heartland shareholders and regulators, with eight of ten trustees required to consent by December 2026 after Taranaki consultation.

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Story summary

Heartland Group Holdings agreed to buy TSB Bank from the Toi Foundation for NZ$620 million, valuing it at 0.76 times book and a 14.6 % premium.
Combined assets would be NZ$15 billion, making the new TSB Heartland Bank the seventh-largest and delivering 20 % EPS accretion in year one from NZ$34 million synergies.
The merger needs approval from Toi trustees, Heartland shareholders and regulators, with eight of ten trustees required to consent by December 2026 after Taranaki consultation.