Heartland Group (HGH) Scheme meeting 2026 summary

Opening remarks and agenda

• Meeting convened to vote on the proposed merger of Heartland Bank and TSB, with safety and procedural instructions for attendees, including proxies and postal votes.

• Chair and CEO delivered addresses outlining the strategic rationale and direction for the merger.

• Agenda included board introductions, CEO address, Q&A, and voting on resolutions.

Board and executive committee updates

• Introductions of directors and executives, including recent appointments across Heartland Group, Heartland Bank, and Heartland Bank Australia.

• Mark Darrow, current TSB chair, nominated to join the Heartland Board upon merger completion, with two TSB directors expected to join the TSB Heartland Bank Board.

Strategic initiatives and plans

• Merger aims to create a significant challenger bank with a nationwide presence, combining specialist product expertise and everyday banking capabilities.

• Integration to be managed over three years, targeting $34m per annum in pre-tax cost synergies and one-off integration costs of $34m.

• Enhanced ability to serve customers, leverage technology, and optimise funding and liquidity.