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Asia

Banking Dispute Volume in New Zealand Hits 10-Year High, Ombudsman Says

New Zealand's banking ombudsman received 283 disputes in the 12 months through June, rising 26% from the previous year to hit the highest volume in a decade, according to the ombudsman's latest annual report.Among large lenders, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) was part of 55 disputes, Westpac Banking (ASX:WBC, NZE:WBC) was involved in 39 disputes, and Commonwealth Bank of Australia's (ASX:CBA) ASB Bank was a party in 54 disputes, the report showed.Meanwhile, 24 of the disputes were related to Heartland Group Holdings (ASX:HGH, NZE:HGH).The ombudsman said overall, it received 1,822 enquiries and 3,310 complaints in the year through June, with scam-related complaints accounting for a significant portion of the total. The volume of financial hardship complaints remained steady compared with the previous year, but the number of such cases that resulted in a mortgagee sale increased.On average, disputes were resolved 14 days faster than the previous year, with the average resolution time falling to 49 working days from 63. A total of NZ$1.3 million in financial compensation was awarded in the 12 months through June, the report showed.

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

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

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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Asia

Heartland Group Says High Court Dismisses Injunction Bid Over TSB Bank Deal

Heartland Group Holdings (ASX:HGH, NZE:HGH) said the High Court of New Zealand has dismissed an application by the Taranaki Community Accountability Society for an interim injunction against the process for the proposed sale of TSB Bank to the company by the Toi Foundation, according to Tuesday filing with the New Zealand bourse.The proposed merger of TSB and Heartland Bank to create TSB Heartland Bank remains subject to approval by the Toi Foundation trustees, who are expected to make a decision this week, the filing added.

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Asia

Heartland Group Fiscal 2026 Underlying Earnings, Net Operating Income Up

Heartland Group Holdings (ASX:HGH, NZE:HGH) logged NZ$0.096 in underlying earnings per share for the fiscal 2026, compared with NZ$0.05 a year ago, a Thursday filing showed.For the 12 months ended June 30, net operating income was NZ$361.9 million versus NZ$322.9 million previously, the dual-listed financial services group added.The board declared a final dividend of NZ$0.035 per share, up from NZ$0.02 a year earlier, payable Sept. 11 to shareholders on record as of Aug. 28.The company expects fiscal 2027 net profit after tax to be at least NZ$102 million, with return on equity of at least 7.5%.

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Asia

Heartland Group Says Interlocutory Application Filed in High Court Regarding TSB Bank Deal

Heartland Group Holdings (ASX:HGH, NZE:HGH) said an interlocutory application was filed by the Taranaki Community Accountability Society against the trustees of the Toi Foundation in the High Court of New Zealand regarding the process for the proposed sale of TSB Bank by Toi Foundation to Heartland, according to Friday filings with the Australian and New Zealand bourses.The application challenges Toi Foundation's decision-making and community consultation process, and aims to stop the trustees from voting on the proposed deal on an interim basis until the resolution of the court proceedings.There is no change to the timeline for the proposed deal and Heartland's special shareholder meeting remains slated for Sept. 30, per the filings.Heartland's shares rose nearly 1% in recent trading on the ASX and fell over 1% on the New Zealand bourse.

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Asia

Heartland Group Says Toi Foundation Restarts TSB Bank Sale Consultation

Heartland Group Holdings (ASX:HGH, NZE:HGH) said Toi Foundation has reopened its Taranaki community consultation on the proposed sale of TSB Bank after identifying an error in the original consultation timeframe, with the consultation restarting on Friday, according to a Thursday filing with the Australian and New Zealand bourses.The company said the proposed merger of Heartland Bank and TSB remains on track for completion in December, subject to approvals from the Toi Foundation trustees, who are expected to decide on the transaction in August, as well as shareholder and regulatory approvals, per the filing.The company has also delayed its special shareholder meeting pending trustee approval, the filing added.

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Asia

New Zealand's FMA to Ensure Banks Prioritize Consumer Needs in Products

New Zealand's Financial Markets Authority (FMA) will focus on ensuring that banks and non-bank deposit takers prioritize consumer needs when developing new products or redesigning existing ones while keeping in mind the capabilities and limitations of their systems and processes, according to FMA's Financial Conduct Report published on Tuesday.The report sets out the watchdog's regulatory priorities for the 2026 to 2027 financial year, covering specific sectors and cross-sector themes.FMA acknowledged that financial institutions review products and services, with most doing so both reactively and proactively. But in some cases, the absence of negative reporting is taken as confirmation that consumers are being treated fairly. It also saw cases where communication with consumers about changes to products and services following reviews was inconsistent.The regulator plans to increase its understanding of how banks and non-bank deposit takers ensure that their provision of transaction account services complies with the fair conduct principle and minimum fair conduct program requirements over the next 12 months.It said it would engage with banks and non-bank deposit takers to understand how complaints data is used. The regulator's focus is on ensuring that boards and executives regularly use the themes and trends in complaints data as an input into decisions to improve product and service offerings.

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

Heartland Group Holdings Advances TSB Merger Plan After Due Diligence Completion

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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Asia

Heartland Group's Acquisition of TSB Bank to Help Reduce Exposure to Riskier Lending, Fitch Ratings Says

Heartland Group Holdings' (ASX:HGH, NZE:HGH) proposed acquisition of New Zealand-based TSB Bank will help cut its exposure to riskier lending types as a proportion of its total credit portfolio, Fitch Ratings said Tuesday.The ratings agency placed Heartland's BBB long-term issuer default ratings on rating watch positive as it waits for the deal to progress.Heartland Bank's long-term ratings are driven by its viability rating, which is one notch lower than the implied viability rating of "bbb+" because of the lender's higher exposure to riskier lending compared with domestic peers, Fitch said.In addition to reducing its overall risk profile, the deal will more than double Heartland Bank's share of New Zealand banking system assets, help strengthen its asset quality, and boost its funding profile given TSB's stronger deposit mix and liquid asset holdings, Fitch said.However, it added that TSB has a structurally lower earnings profile than Heartland Bank, and "even with synergies we expect the combined bank's earnings to be lower than that of pre-acquisition HBL's through-the-cycle earnings."Shares of Heartland Group in Australia were nearly 12% higher in recent Tuesday trade. The company's New Zealand-listed shares climbed past 11%.

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Asia

Update: Heartland Group Holdings to Acquire TSB Bank for NZ$620 Million in Merger Deal; Shares Rise 12%

(Updates with the stock movement in the headline and last paragraph)Heartland Group Holdings (ASX:HGH, NZE:HGH) entered into a conditional merger implementation agreement to acquire TSB Bank from Toi Foundation for NZ$620 million, with the transaction to result in the merger of Heartland Bank and TSB into a new entity, TSB Heartland Bank, according to Tuesday filings with the Australian and New Zealand bourses.The aggregate consideration paid to Toi Foundation represents 76% of TSB's book value and comprises ordinary equity in Heartland giving Toi Foundation a 17.5% stake, a pre-completion cash dividend from TSB, a vendor loan to Heartland, and a Tier 2 capital subscription in Heartland Bank, per the filing.The company anticipates around NZ$34 million in annual pre-tax synergies once fully realized, which are expected to enhance earnings and support dividend growth prospects, the filing said.The transaction, expected to close in December, is still contingent on shareholder approval, regulatory approvals, and consultation with the Taranaki community, the filing added.Heartland's shares jumped 12% in recent Tuesday trade on the Australian bourse, while its shares on the New Zealand bourse gained 11%.

ASX:HGHNZE:HGH
Asia

Heartland Group Holdings to Acquire TSB Bank for NZ$620 Million in Merger Deal

Heartland Group Holdings (ASX:HGH, NZE:HGH) entered into a conditional merger implementation agreement to acquire TSB Bank from Toi Foundation for NZ$620 million, with the transaction to result in the merger of Heartland Bank and TSB into a new entity, TSB Heartland Bank, according to Tuesday filings with the Australian and New Zealand bourses.The aggregate consideration paid to Toi Foundation represents 76% of TSB's book value and comprises ordinary equity in Heartland giving Toi Foundation a 17.5% stake, a pre-completion cash dividend from TSB, a vendor loan to Heartland, and a Tier 2 capital subscription in Heartland Bank, per the filing.The company anticipates around NZ$34 million in annual pre-tax synergies once fully realized, which are expected to enhance earnings and support dividend growth prospects, the filing said.The transaction, expected to close in December, is still contingent on shareholder approval, regulatory approvals, and consultation with the Taranaki community, the filing added.

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Asia

Market Chatter: New Zealand Finance Minister Doesn't Want Banks to Pass Costs of Prudential Levy to Customers

New Zealand Finance Minister Nicola Willis said she would be "extremely disappointed" if the country's banks decide to pass on the costs of a new prudential levy to their customers, interest.co.nz reported Friday.The government is implementing a prudential levy on banks, non-bank deposit takers, insurers, and financial market infrastructure providers as part of its 2026 budget. The levy would support cost recovery for the central bank's statutory prudential functions and is expected to generate roughly NZ$209 million during the next four years, according to the report.The government believes revenue from the new levy would represent less than 1% of the aggregate profit of ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Westpac Banking (ASX:WBC, NZE:WBC), Heartland Group Holdings (ASX:HGH, NZE:HGH), and Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank."I would like to send them a very clear message: They are some of the most profitable banks in the world. Other counties around the world have these levies and you haven't seen it being passed through," Willis said in an interview with interest.co.nz.Westpac, Heartland, and Commonwealth Bank did not immediately respond to requests for comment from. ANZ deferred to the New Zealand Banking Association, which did not immediately reply to an email.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

Heartland Group Holdings' Underlying Net Profit After Tax Rise in Fiscal Q3

Heartland Group Holdings' (ASX:HGH, NZE:HGH) underlying net profit after tax for the fiscal 2026 third quarter came in at NZ$21.4 million, according to a Thursday Australian bourse filing.It reported underlying net profit after tax of NZ$17.1 million in the year-ago quarter, according to a separate filing.The firm is closely monitoring potential impacts on customer demand and credit quality in New Zealand and Australia in the wake of the conflict in the Middle East.Heartland Bank's March quarter average net interest margin was down 3 basis points to 4.09%, with the exit net interest margin down 9 basis points to 4.02%, driven by portfolio mix. Both are expected to increase in the June quarter due to ongoing benefits from reduced cost of funds. Geopolitical risks may create headwinds for net interest margin, it cautioned.Heartland Bank's overall nonperforming loan ratio fell by 23 basis points in the March quarter since Dec. 30, 2025, to 2.81%.It remains on track to deliver an underlying return on equity of at least 7% and an underlying net profit after tax of at least NZ$85 million for the financial year ending June 30, per the filing.Its shares rose 1% in recent trading on Thursday.

ASX:HGHNZE:HGH

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