{"id":581964,"date":"2026-08-27T13:08:11","date_gmt":"2026-08-27T13:08:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/581964\/"},"modified":"2026-08-27T13:08:11","modified_gmt":"2026-08-27T13:08:11","slug":"toi-foundation-to-proceed-with-selling-tsb-to-heartland-ignoring-bid-from-kiwibanks-owner","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/581964\/","title":{"rendered":"Toi Foundation to proceed with selling TSB to Heartland, ignoring bid from Kiwibank\u2019s owner"},"content":{"rendered":"

\u201cFrom the proposals we received, Heartland Group Holdings is the best deal. This is both in terms of value and \u2013 given TSB and Heartland\u2019s complementary strengths \u2013 in meeting key concerns for the community, such as job retention, branch retention and TSB presence in the Taranaki region. <\/p>\n

\u201cWe also believe that the Heartland Group Holdings proposal is a better option than retaining TSB as a standalone bank in Toi Foundation ownership.\u201d<\/p>\n

The proposed deal will see Toi reinvest in the new merged bank, so it has a 17.5% stake in the entity. Those from Toi and TSB will also have representation at board level. <\/p>\n

Toi expects the $30m of grants it distributes in Taranaki every year to rise to $50m over time once the sale is completed.<\/p>\n

Ussher said Toi trustees agreed to advance the sale after considering 1267 submissions from Taranaki residents. The consultation was required under Toi\u2019s trust deed. <\/p>\n

Earlier this week, the High Court dismissed<\/a> a community group\u2019s application for an interim injunction to stall the TSB\u2019s sale. <\/p>\n

The judge effectively said the group, which claimed Toi didn\u2019t consult properly, had no legal leg to stand on. <\/p>\n

Heartland chief executive Andrew Dixson said Toi\u2019s vote was an important milestone, which precedes Heartland shareholders voting on the proposed deal on September 30.<\/p>\n

\u201cHeartland respects the importance of TSB\u2019s connection with Taranaki and preserving this through the proposed merger. <\/p>\n

\u201cTaranaki will remain a key operational hub for customer-based banking services, including maintaining a local branch network and customer-facing roles in Taranaki. In recognition of each bank\u2019s long history and deep connection to regional New Zealand, the Heartland Bank and TSB brands will be reflected in the merged bank\u2019s name and branding strategies.<\/p>\n

\u201cTSB Heartland Bank will be a stronger New Zealand challenger bank …\u201d<\/p>\n

Kiwi Group Capital chairman David McLean said, \u201cKiwi Group Capital believes in continuing to build a stronger New Zealand-owned banking alternative and will continue to consider opportunities that support that objective.<\/p>\n

\u201cOur focus remains on supporting Kiwibank\u2019s continued growth and the important role it plays in increasing competition and delivering better outcomes for Kiwi.\u201d<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cFrom the proposals we received, Heartland Group Holdings is the best deal. This is both in terms of…\n","protected":false},"author":2,"featured_media":456105,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1643,1040,138,48901,20468,71,209,86196,85915,37441,95015,111,139,69,2738,26346,14906,24035,61,17156,76405,285529,102],"class_list":["post-581964","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bank","tag-bid","tag-business","tag-decided","tag-foundation","tag-from","tag-group","tag-heartland","tag-holdings","tag-ignoring","tag-kiwibanks","tag-new-zealand","tag-newzealand","tag-nz","tag-owner","tag-planned","tag-proceed","tag-selling","tag-to","tag-toi","tag-tsb","tag-tsbs","tag-with"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/581964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=581964"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/581964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/456105"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=581964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=581964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=581964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}