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Heartland Group Holdings Advances TSB Merger Plan After Due Diligence Completion

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Heartland Group Holdings (ASX:HGH, NZE:HGH) said it has completed confirmatory due diligence with Toi Foundation on its proposed acquisition of TSB Bank, clearing a key condition ahead of the planned merger between Heartland Bank and TSB to form TSB Heartland Bank, according to a Monday filing with the Australian and New Zealand bourses.

The company added that a warranty and indemnity (W&I) deed was executed on Sunday, and W&I insurance has been obtained by both parties, per the filing.

The transaction remains on track for expected completion in December, subject to remaining requirements including Taranaki community consultation, approvals from Toi Foundation trustees and Heartland shareholders, and relevant regulatory clearances in New Zealand and Australia, the filing added.

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