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Heartland and TSB to Merge Creating NZ’s Seventh Largest Bank
6:30am on Tuesday 2nd of June, 2026 AEST
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Financial Services
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Heartland and TSB to Merge Creating NZ’s Seventh Largest Bank
6:30am on Tuesday 2nd of June, 2026 AEST
Key Points
Merger creates NZ’s seventh largest bank with $18.3 billion in assets
Expected $34 million annual cost synergies realised over three years
Toi Foundation receives 17.5% stake in merged entity plus subordinated debt and vendor loan
Material EPS accretion above 20% anticipated in first year post-merger
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Heartland (NZX:HGH)
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