Heartland Bank has successfully completed its acquisition of Challenger Bank, making it the first New Zealand registered bank to acquire an Australian authorised deposit-taking institution.
The total consideration for the acquisition was $115.7 million.
Heartland Bank's chief executive, Jeff Greenslade, said the acquisition is a critical step in the company's strategy for long-term growth and expansion in the Australian market.
As part of the deal, Challenger Bank will now begin trading as Heartland Bank (Australia), and Heartland will transfer its Australian holdings to Challenger Bank.
Heartland's Australian reverse mortgage business, Heartland Finance, holds a 42% market share, while its livestock finance business, StockCo Australia, is a leading specialist provider.
The announcement also included updates on the appointment of the new Heartland Bank (Australia) board of directors and the chief executive officer.
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