Challenger Limited (AU:CGF) has released an update.
Heartland Group Holdings announces regulatory approval for Heartland Bank’s acquisition of Challenger Bank and plans a NZ$210 million equity raise to fund the purchase and support growth. The move aims to expand Heartland’s Australian presence, integrating its existing Australian Reverse Mortgage and Livestock Finance businesses into Challenger Bank, which will be rebranded Heartland Bank Australia. The acquisition will enable Heartland to extend its specialized financial services and capitalize on a lower cost of funds through retail deposits.
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