July 31, 2018 / 10:10 PM / 8 months ago

UPDATE 1-New Zealand's Heartland Bank plans ASX listing as part of restructure

(Adds rationale on restructuring, details on listing, context)

Aug 1 (Reuters) - New Zealand’s Heartland Bank Ltd said on Wednesday it intended to list on the Australian Stock Exchange (ASX) as part of a planned restructuring, as it seeks to free itself from what it called constraints on growth from central bank regulations.

The bank said the restructure would result in the formation of a new listed parent company called “Heartland Group Holdings Ltd,” and its existing shareholders could exchange their shares for shares in the new company on a 1-for-1 basis.

The new company will have its primary listing on the New Zealand Exchange Main Board, with a foreign exempt listing on the ASX, the bank said.

The restructure will need to be approved by shareholders and the High Court of New Zealand.

“The restructure will remove constraints on the growth of group’s business currently arising from Reserve Bank regulations, and will provide greater flexibility for the group to explore and take advantage of future growth opportunities in New Zealand and Australia,” Heartland Bank said in a statement.

Reporting by Ambar Warrick in Bengaluru Editing by Chris Reese and Rosalba O'Brien

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