Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Heartland expects banking licence decision before Christmas

Heartland banking licence application outcome expected before Christmas

By Paul McBeth

Nov. 26 (BusinessDesk) - Heartland New Zealand, the lender formed from the merger of Pyne Gould Corp's Marac Finance with the Canterbury and Southern Cross building societies, doesn't expect to know whether its application to become a bank has been successful before this week's annual meeting.

The lender expects to find out the success of its application for a banking licence before Christmas, having previously anticipated a decision in November, the company said in a statement. The lender had been hoping to update shareholders on its strategy as a fully-fledged bank at the annual meeting on Friday, and give them "greater comfort that the outcome on bank registration can be meaningfully addressed at the meeting."

Its expectation of a November decision was based on the customary pace for New Zealand incorporated applicants.

"The application to the Reserve Bank of New Zealand (RBNZ) is complete, and the formal determination process is well advanced with the RBNZ," the lender said. "HNZ is not aware of any open issues in respect of the application, and knows of no obstacles to a successful outcome."

Securing a banking licence has been a key plank of Heartland's strategy in a shift away from a new regulatory regime that imposed stricter conditions on non-bank financial institutions.

Last month Heartland had its investment grade BBB- credit rating affirmed with a stable outlook by Standard & Poor's, which cited the lender's strength as very strong capital and earnings assessment, good geographic and business diversity, and sticking to its timeline for its post-merger plan.

The shares rose 1.5 percent to 70 cents in trading today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news