tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, December 21st, 2:19PM

Investments

rss
Latest Headlines

Heartland becomes a bank

Heartland Building Society has achieved its goal and become a registered bank.

Monday, December 17th 2012, 12:20PM

by Niko Kloeten

Heartland, the wholly owned subsidiary of Heartland New Zealand (HNZ), has now achieved its goal of becoming the only New Zealand operated, controlled and managed banking group, with a parent company listed on the NZX Main Board.

The company has intended to be a bank ever since it was formed in a merger between Marac, CBS Canterbury and Southern Cross Building Society.  It has also recently bought PGG Wrightson Finance.

Heartland Chairman Bruce Irvine said Heartland looked forward to “delivering on the promise of being a successful NZ listed Bank that will support the productive sectors of the New Zealand economy over the long term.”

Chief executive Jeff Greenslade said Heartland will continue to be New Zealand focussed and is part of a “new breed of banks offering a fresh approach”.

He said Heartland has a “balanced engagement” across the business, rural and household sectors, with an emphasis on supporting and funding the productive sector.

“We recognise that at the same time Heartland, as a bank, needs to retain the advantages of being small: local and accessible, at all times seeking to be innovative”.

Heartland recorded a net profit after tax of $24.2m for the year ended June 30, up $16.5m from $7.7m for the previous year.

It has been shifting its focus away from its shrinking non-core property portfolio and towards higher-value motor vehicle loans.

An analyst has predicted Heartland’s cost of funding will drop by as much as 50 basis points as a result of bank registration.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« Rates round-up: December 17$60m settlement in Credit Sails debacle »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • [The Wrap] The year that was - and what may happen next year
    “Hope you have a good recovery Phil. Interesting points 1.Box ticking already happening with SOA 's that look identical...”
    1 day ago by Very Frustrated Adviser
  • [The Wrap] The year that was - and what may happen next year
    “Nice summary Phil. In short: . Consumers will expect more from the industry for less . Advisers will be increasingly time...”
    1 day ago by Pragmatic
  • The good guys get told off
    “I can't quite reconcile the rationale, or lack thereof, with the comments so far. Pathfinder were found to have made misleading...”
    4 days ago by John Milner
  • The good guys get told off
    “As a follow on to this conversation: I'm assuming that the Regulator will be consistent by 'naming and shaming' the other...”
    4 days ago by Pragmatic
  • The good guys get told off
    “FMA does not understand the consequences of these type of actions A number of Insurance Companies were taken to court and...”
    4 days ago by LNF
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com