Heartland Secures Shareholder Approval for TSB Merger

Heartland Group Holdings has obtained shareholder approval to merge with TSB Bank. The proposal was supported by 94.80% of votes cast, representing 58.09% of Heartland's issued capital.

The deal will see Heartland acquire all shares in TSB and merge it with Heartland Bank to create TSB Heartland Bank.

As part of the transaction, 200 million fully paid ordinary shares will be issued to Toi Foundation at NZD $1.25 per share.

However, completion still depends on various conditions, including the Material Adverse Change condition and regulatory approvals from the Reserve Bank of New Zealand.