Toi Foundation to proceed with selling TSB to Heartland, ignoring bid from Kiwibank’s owner

Jenée TibshraenyWellington Business Editor·NZ Herald·26 Aug, 2026 09:07 PM2 mins to read‌The TSB-Heartland merger is set to proceed as planned. The TSB-Heartland merger is set to proceed as planned. TSB’s owner has decided to proceed with selling the bank to Heartland Group Holdings as planned.The trustees of the Toi Foundation, the charitable trust that owns TSB, voted yesterday in favour of progressing the $620 million deal, due for completion in December pending regulatory and Heartland shareholder approval.