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New Zealand : RESERVE BANK's approval for HEARTLAND NEW ZEALAND to become a bank.

Building society Heartland New Zealand has received approval from Reserve Bank to serve as a bank. Heartland New Zealand was established in January 2011 through the merger of Marac Finance, CBS Canterbury and the Southern Cross Building Society.

The Reserve Bank in a statement announced that Heartland had become the country's 22nd registered bank.

The Reserve Bank of New Zealand today announced that Heartland Building Society has been registered as a bank in New Zealand, stated, the central bank.

Heartland stated that immediately Heartland's bank registration was to take place.

Chairman Bruce Irvine said, Heartland has now achieved its goal of becoming the only New Zealand operated, controlled and managed banking group, with a parent company listed on the NZX Main Board.

Irvine added, It has been my pleasure to be part of this Heartland journey, and we can be extremely proud of all that has been accomplished. I would like to thank our loyal Heartland shareholders and Heartland depositors. We look forward to delivering on the promise of being a successful NZ listed Bank that will support the productive sectors of the New Zealand economy over the long-term.

Jeff Greenslade, CEO stated that Heartland will continue to be focussed on New Zealand and it forms part of a "new breed" of banks providing a new approach in two ways.

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Title Annotation:Reserve Bank of New Zealand
Publication:Mena Report
Article Type:Brief article
Geographic Code:8NEWZ
Date:Dec 17, 2012
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