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


Heartland director Gary Leech resigns to focus on City Care

Heartland director Gary Leech resigns to focus on City Care appointment

By Suze Metherell

Sept. 26 (BusinessDesk) - Heartland New Zealand director Gary Leech will retire from the lender's board next month, after three years on the board including when the bank formed after the merger of Canterbury and Southern Cross building societies and Marac Finance.

Leech will retire from the Christchurch-based lender at its annual general meeting on Oct. 31 as he looks to focus on his recent appointment to the board of City Care, Heartland said in a statement. Leech was chair of the Canterbury Building Society before the merger to form the bank in 2011. Heartland has started a recruitment process to replace Leech.

The lender has been chasing acquisitions outside of traditional banking options to help grow earnings, and earlier this month it announce it had taken a 10 percent stake in HarMoney, the online peer-to-peer lending platform, while also investing a funding line for an undisclosed amount. In February it announced the acquisition of a reverse mortgage business from Seniors Money International for $87 million, while in July Motor Trade Finances turned down an offer from Heartland which would have added a loan book of some $438 million.

Shares of the company last traded at $1.01 and have gained 19 percent since the start of the year. The stock is rated an average of 'hold' based on three analysts surveyed by Reuters, with a median price target of 96 cents.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Fletcher Building: Norris Steps Down As Chair After New $486M Loss Provision

Ralph Norris will step down as chairman of Fletcher Building after the company took a further $486 million provision for project losses at its Building + Interiors unit and said 14 of the unit's 73 projects, worth $2.3 billion, are loss-making or 'on watch'. More>>


WWF: Concerns With Suggestion To “Scrap” Fishing Monitoring

“Our Pacific neighbours, like Fiji and the Solomon Islands, are making this work with far less economic resources than New Zealand. There’s no reason the government can’t get this done by October.” More>>


Greenpeace: Genesis’ Plan To Keep Coal Burning Until 2030 Stuns

Genesis Energy had previously promised to turn off its coal-fired units this year, however after a series of closed-door meetings with power companies including Meridian Energy, the deadline was extended. More>>


PM's Science Prizes: The Science That Saved Kiwifruit

Plant & Food Research is proud to be the recipient of this year’s Prime Minister’s Science Prize for its rapid response to the vine-killing kiwifruit disease Psa. More>>


NZ Government: Fund Encourages Lower-Emissions Technology

Businesses are being encouraged to adopt innovative technology that cuts greenhouse gas emissions in a funding round announced by Energy and Resources Minister Megan Woods today. More>>