Heartland buys Challenger Bank
Challenger Limited has entered into an agreement with Heartland Group to sell Challenger Bank.
Heartland announced to the Australian Securities Exchange this morning that it had signed a conditional share purchase agreement for the purchase of Challenger Bank Limited.
It said that subject to completion, Heartland’s existing Reverse Mortgage and Livestock businesses would be transferred to sit under Challenger Bank.
It said that its strategic objective from the transaction is expansion in Australia – something which requires the establishment or acquisition of a bank.
Heartland said the aim was to create a digital bank which, once Heartland assets are transferred to it, will be profitable.
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