Opinion

Heartland’s 'key partnership' with Harmoney effectively ended in 2020

Jenny Ruth
Thu, 04 Aug 2022

Heartland’s 'key partnership' with Harmoney effectively ended in 2020
Group deputy chief executive Chris Flood failed to “articulate” the end of the Harmoney partnership. (Image: NZME)
Jenny Ruth
Thu, 04 Aug 2022
What Heartland Group has previously described as a “strategic partnership” with Harmoney effectively ended in early 2020, but Heartland has been unable to point me to when it disclosed that fact.Because of that, Heartland’s funding of retail personal non-bank lender Harmoney is in runoff mode, even though Heartland was talking about “limited loan growth” of personal loans when it reported its first-half results in February.The runoff has been happening since Harmoney announced in February 2020 that it was changing...

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