Heartland needs access to wholesale funding to grow Australian reverse mortgages

Tue, 18 Sep 2018

By Paul McBeth Sept. 19 (BusinessDesk) - Heartland Bank's Australian reverse mortgage business is constrained by Reserve Bank prudential rules and that's why it needs to be carved out into a separate entity, says chair Geoff Ricketts. The lender's board wants shareholders to vote in favour of a restructuring to split the New Zealand bank and the Australian unit into separate entities, operating under a group umbrella company. Ricketts told shareholders at today's annual meeting the new division would give the Australian unit a chance to...

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