Heartland Receives Section 95 Notice from RBNZ on Proposed TSB Merger

Heartland Group Holdings has acknowledged receiving a Section 95 notice from the Reserve Bank of New Zealand (RBNZ) regarding its proposed merger with TSB. The notice is a formal request for information and an opportunity for the RBNZ to review the deal. Despite this, Heartland continues to engage with TSB on the merger.

The company has confirmed that it will provide the required information to the RBNZ in a timely manner, as per regulatory requirements. The Section 95 notice is a standard procedure in New Zealand's banking regulations and does not necessarily indicate any issues with the proposed merger.