🕑 With only four weeks to submit feedback on a massive $620 million proposal to merge TSB with Heartland Bank, the clock is ticking for Taranaki residents to have their say.
Public consultation opens today, June 3, and ends on June 30.
Only residents living within the Toi Foundation's legislated boundary in Taranaki are eligible to submit their views on the massive financial shake-up.
For those wanting to hear directly from decision-makers, community information sessions are happening in Hāwera, Stratford and New Plymouth this Friday 5th June.
However, anyone planning to attend must act immediately. RSVPs close tomorrow, Thursday 4th June, at 5pm.
The Toi Foundation currently owns 100% of TSB. Under the new proposal, the trust would sell its shares to Heartland Group Holdings to merge TSB with Heartland Bank.
The resulting entity, TSB Heartland Bank, would become New Zealand's seventh-largest bank with roughly $15 billion in assets.
Friday's meetings will kick off at the Hāwera Community Centre Theatre Lounge at 9.30am. A second session will take place at the TET MultiSports Centre Stadium in Stratford at 12.15pm, followed by a final meeting scheduled for 3pm at the Toitū Te Huatahi Community Hub in New Plymouth.
Toi Foundation chair Chris Ussher said in a media release that the trust exists to fund projects that make the region a better place.
"We believe this proposal creates a win-win where we can retain a strong TSB presence in Taranaki, grow Toi Foundation's investment returns through a stronger, combined, performing bank investment and take steps towards diversifying our investment portfolio,” Ussher said.
He noted the move would free up capital to boost philanthropic funding across Taranaki. The trust specifically focuses on improving the environment, enhancing child and youth wellbeing, and empowering Māori aspiration.
If approved, the $620 million deal would give the Toi Foundation a mix of debt capital, equity and cash.
The equity portion guarantees the foundation a 17.5% shareholding in the Heartland Group. Subject to shareholder and regulatory approvals, one Toi Foundation nominee would be appointed to the Heartland Group Board, while two existing TSB directors would join the TSB Heartland Bank Board.
Heartland Group chief executive Andrew Dixson stated that the merger would increase banking competition and choice for Kiwis. "
By bringing together Heartland Bank's specialist product strengths with TSB's strong funding base and everyday banking capability, we can offer more New Zealanders a better-value alternative.”
Both parties have agreed that current TSB customer products and services will remain unchanged.
Ussher confirmed the merged bank would stay regionally focused and keep specialist teams in Taranaki to support future growth.
Residents can RSVP for the public meetings by Thursday 4th June at 5pm, and submit their written feedback online via Toi Foundation before 5pm on Tuesday 30th June. Details below 👇
