The New Zealand-based banking groups proposed restructure will see its burgeoning Australian reverse mortgage business freed from the central banks capital requirements and poised for strong growth.
Along with its financial results for the year ending on 30 June 2018, Heartland Bank issued a restructure proposal that would see it becoming a wholly owned subsidiary of a new New Zealand Stock Exchange-listed non-bank, called Heartland Group Holdings, under which its Australian reverse mortgage business would also operate.
By sitting outside Heartlands banking group, its Australian reverse mortgage business will no longer be constrained by the capital requirements of the Reserve Bank of New Zealand (RBNZ).
Speaking with Mortgage Business, Hear…
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