Heartland chief executive Jeff Greenslade. Photo supplied.
Standard and Poor's Ratings Services has left its ratings
on Heartland Building Society unchanged after the announcement
yesterday the Reserve Bank had granted Heartland banking
The ratings left unchanged are BBB-/stable/A-3, in line with
Heartland's current stable outlook and supportive of its
''A positive impact on our business position assessment
would, however, require evidence of sustained strengthening
of the franchise and business stability. Additionally, the
bank registration approval process has seen many of Heartland
Building Society's systems, processes and practices
strengthen in support of its risk management capability,''
S&P analyst Nico Salange said in a statement.
Heartland would continue to be New Zealand-focused and was
expected to have a balanced engagement in business, rural and
household sectors, with an emphasis on supporting and funding
the productive sector, he said.
Heartland New Zealand chairman Bruce Irvine said the building
society had now achieved its goal of becoming the only New
Zealand-operated, controlled and managed banking group with a
parent company listed on the NZX main board.
''It has been my pleasure to be part of this Heartland
journey, and we can be extremely proud of all that has been
accomplished. We look forward to delivering on the promise of
being a successful New Zealand-listed bank that will support
the productive sectors of the New Zealand economy over the
Chief executive Jeff Greenslade said Heartland was part of a
new breed of banks offering a fresh approach in two ways. It
provided a balanced engagement across the three sectors that
drove prosperity in New Zealand communities - business, rural
and households. Secondly, it had an emphasis on supporting
and funding the productive sector - meeting the sustainable
needs of hard-working New Zealanders and New Zealand.
''We recognise that at the same time Heartland, as a bank,
needs to retain the advantages of being small, local and
accessible, at all times seeking to be innovative,'' he said.