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Heartland Group Holdings Gains Toi Foundation Trustee Approval for TSB Bank Deal

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Heartland Group Holdings (ASX:HGH, NZE:HGH) said Toi Foundation's trustees approved the sale of all TSB Bank shares to Heartland for NZ$620 million, according to a Thursday filing with the Australian and New Zealand bourses.

Heartland Bank will merge with TSB to create TSB Heartland Bank after the deal's completion, which is expected in December, per the filing.

The transaction remains subject to approval from regulators and Heartland shareholders, who are due to vote on the deal at a Sept. 30 meeting.

Heartland Group's New Zealand shares fell 2% in recent Thursday trade.

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