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Heartland Group plans $210m raise to buy Australian bank

April 8, 2024
in Business
Heartland Group plans $210m raise to buy Australian bank
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Heartland Group chief executive Jeff Greenslade

Heartland Group chief executive Jeff Greenslade says the acquisition is a critical step in Heartland’s strategy for expansion in the Australian market.
Photo: Supplied

Digital financial services firm Heartland Group has been approved to buy an Australian bank, and plans to raise $210 million to pay for it.

Heartland, a registered New Zealand bank, said it had been told by Australian and New Zealand banking regulators that its takeover of small scale Melbourne-based Challenger Bank, which it had been pursuing since mid-2022, will be approved.

Chief executive Jeff Greenslade said the value of Challenger was that it had a deposit-takers licence and was a key to the group’s future.

“The acquisition is a critical step in Heartland’s strategy for expansion in the Australian market and achieving its long-term growth ambitions.”

He said Challenger had been actively seeking new deposits, adding A$702m (NZ$1.2b) in the first three months of the year and at a cost 1.74 percent lower than it was paying through its other Australian businesses.

“Heartland will leverage Challenger Bank’s foundation and funding platform, Heartland’s successful track record in Australia, and its New Zealand product and distribution expertise. This will enable Heartland Bank Australia to expand into new product segments in which Heartland Bank has specialist expertise in New Zealand, such as Motor Finance and Asset Finance.”

Heartland already operates in Australia offering reverse mortgages and livestock finance, while the New Zealand operation offers a broad range of mortgage, consumer, business, and motor finance on a totally digital platform.

The acquisition of Challenger is expected by the end of the month, after which it would be renamed Heartland Bank Australia and be totally owned by the New Zealand parent, making it the only Australian bank fully owned by New Zealand interests.

To pay for the deal Heartland said it would sell $210m worth of new shares – half to institutional investors and half offered to existing shareholders on the basis of one new share for every 6.85 currently owned at a price of $1 each, a discount of 18 percent to its last traded price on 5 April.

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/513717/heartland-group-plans-210m-raise-to-buy-australian-bank

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