Sharechat Logo

Heartland director Gary Leech resigns to focus on City Care appointment

Friday 26th September 2014

Text too small?

Heartland New Zealand director Gary Leech will retire from the lender's board next month, after three years on the board including when the bank formed after the merger of Canterbury and Southern Cross building societies and Marac Finance.

Leech will retire from the Christchurch-based lender at its annual general meeting on Oct. 31 as he looks to focus on his recent appointment to the board of City Care, Heartland said in a statement. Leech was chair of the Canterbury Building Society before the merger to form the bank in 2011. Heartland has started a recruitment process to replace Leech.

The lender has been chasing acquisitions outside of traditional banking options to help grow earnings, and earlier this month it announced it had taken a 10 percent stake in HarMoney, the online peer-to-peer lending platform, while also investing in a funding line for an undisclosed amount. In February, it announced the acquisition of a reverse mortgage business from Seniors Money International for $87 million, while in July Motor Trade Finances turned down an offer from Heartland which would have added a loan book of some $438 million.

Shares of the company last traded at $1.01 and have gained 19 percent since the start of the year. The stock is rated an average of 'hold' based on three analysts surveyed by Reuters, with a median price target of 96 cents.

 

 

 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report