Proposed merger of Heartland Bank and TSB

On 2 June 2026, Heartland Group Holdings Limited (Heartland) announced that it had signed a conditional agreement to purchase TSB, and merge TSB and Heartland Bank. Recognising each bank’s long history and deep connection to regional New Zealand, the merged bank will be called TSB Heartland Bank.

Listed below are answers to some questions you may have. We’ll update this page as key decisions are made.

Have another question?

Why are Heartland Bank and TSB merging?

The proposed merger of Heartland Bank and TSB will create a New Zealand challenger bank of scale with a regional focus – increasing banking competition and choice for New Zealanders.

Each bank brings its own strengths. Heartland Bank has established specialist products (reverse mortgages for older New Zealanders, vehicle finance, asset finance for small businesses, livestock finance and rural lending for farmers, and savings accounts). While TSB is strong in everyday banking (such as transactional accounts and home loans). Together, TSB Heartland Bank will have the ability to offer a full range of competitive banking products and services.

Both banks have long histories and a deep connection to regional New Zealand. It’s important to both Heartland Bank and TSB that the merger is grounded in ensuring good outcomes for customers and the communities we serve. With our combined rich Kiwi heritage, the merged bank will keep its focus on helping New Zealanders to meet their banking needs.

What will the merged bank’s name be?

Recognising each bank’s long history and deep connection to regional New Zealand, the merged bank will be called TSB Heartland Bank.

The retention of the Heartland Bank and TSB brands means employees will continue to work under the brand they know – helping to maintain continuity and customer trust.

After the proposed merger is completed, any changes to branding or customer experience will be carefully communicated to ensure a smooth transition for customers and employees across TSB Heartland Bank.

When will the merger take place?

The proposed merger is expected to be completed no earlier than December 2026, and can only happen if specific conditions are met (including community consultation by Toi with Taranaki residents, Heartland shareholder approval and regulatory approval). If the conditions aren’t met and the merger doesn’t go ahead, both banks will keep operating as they do today and your banking services won’t change.

We’ll share updates as key steps happen (for example, when approvals are received or decisions are made that affect customers).

What will this mean for my Heartland Bank or TSB accounts and loans?

Right now, nothing changes for your accounts, loans or cards. Your regular payments, account and loan terms and conditions, and account numbers stay the same, and you can keep using your cards as usual. Fees and interest rates will continue under your current terms unless we tell you otherwise.

In the future, if any changes are needed which might affect the way you bank with us, we’ll explain exactly what’s changing, what you need to do (if anything), and will give you plenty of notice. Our team is here to help – if you have any questions, get in touch.

What will this mean for online banking and branches?

Right now, there are no changes to online banking, the mobile app, or branches. You’ll continue to bank the way you do today, with the same support from the Heartland Bank or TSB team.

There are no changes to Heartland Bank or TSB’s current branch and office network at this time. Our intention is to retain Heartland Bank’s existing nationwide presence, and Taranaki as a key operational hub for customer-based banking services, including maintaining a local branch network and customer-facing roles in Taranaki.

If in the future there are any changes which might affect the way you bank with us, we’ll tell affected customers directly and give plenty of notice.

How will my data be protected during the merger?

Your privacy and the security of your financial information are top priorities. Both Heartland Bank and TSB adhere to strict privacy and security standards, and these protections will continue throughout the merger process (if it goes ahead) and beyond.

If you receive a call, text or email claiming to be from either bank and something doesn’t feel right, don’t respond or click on links. If you suspect fraud, a scam, or a security issue with your account, please take steps to report it as soon as possible. Find out more at www.heartland.co.nz/fraud-scams-and-security.