Toi Foundation is seeking community feedback on a conditional proposal to sell its 100% shareholding in TSB to Heartland Group. No decisions have been made yet.
If the proposal proceeds in its current form, this sale process would allow TSB to merge with Heartland Bank, and Toi Foundation would become a shareholder in Heartland Group, the parent company of Heartland Bank.
TSB and Heartland would amalgamate to form TSB Heartland Bank, a larger New Zealand challenger bank with a continued strong commitment to the Taranaki region, complementary products and services, and an improved long-term performance outlook.
The proposal aligns with Toi Foundation’s strategy to start diversifying its investment portfolio and grow philanthropic giving in Taranaki.
In line with Toi Foundation’s Trust Deed, Taranaki residents are invited to provide written feedback. See details below.
Toi Foundation has entered into a conditional Merger Implementation Agreement with Heartland Group to give effect to the proposed merger, which is conditional on this consultation and other regulatory and shareholder approvals.
No decision will be made by Toi Foundation until the trustees have genuinely considered the written feedback received from Taranaki residents through this consultation process.
Toi Foundation believes that, if it proceeds, this proposal would help it deliver on its purpose of building a thriving, inclusive and equitable Taranaki, and realise other benefits, including:
- Enabling Toi Foundation to grow the amount of funding available for long term, intergenerational community support in the Taranaki region.
- Enabling TSB Heartland Bank to be a leading challenger bank that has greater scale to compete against larger banks, is commercially strong, customer focused and backed by specialist products.