Heartland Bank

Office address: Level 3, 277 Broadway Newmarket 1023 Auckland
Website: www.heartland.co.nz
Year established: 2011
Company type: financial services
Employees: 450+
Expertise: savings and deposits, interest rates, digital saver, reverse mortgages, business loans, rural loans, car loans, home loans, refix and refinance, personal loans, small business finance, livestock finance
Parent company: Heartland Group Holdings
Key people: Leanne Lazarus (CEO), Andy Wood (chief risk officer), Kerry Conway (CFO), Michael Drumm (COO), Phoebe Gibbons (general counsel), Lana West (chief people and culture officer)
Financing status: N/A

Heartland Bank, headquartered in Auckland with over 450 employees, specialises in reverse mortgages and offers personalised services to help Kiwis over 60. Their mission is to simplify banking, integrate innovative technology, and improve the lives of their customers by making money work for them. As the market-leading reverse mortgage provider in New Zealand, the bank has helped over 40,000 customers achieve a comfortable retirement.

History of Heartland Bank

Heartland Bank was established in 2011 from the merger of CBS Canterbury, Southern Cross, and MARAC. Its origins trace back to 1875 with Ashburton Permanent Building & Investment Society, later becoming CBS Canterbury after merging with other building societies. Southern Cross began operations in Auckland in 1923, and MARAC Finance started in 1957 to support SMEs.

In 2012, Heartland became New Zealand's only locally-operated and managed banking group, with parent company Heartland New Zealand Limited listed on the NZX Main Board. Heartland Building Society transitioned to Heartland Bank Limited in 2013, then merged with its parent company in 2015. In 2018, Heartland restructured, making Heartland Bank Limited a wholly-owned subsidiary of the new parent company, Heartland Group Holdings Limited.

Products and Services of Heartland Bank

Heartland Bank offers a range of financial products and services, providing mortgage solutions to a diverse clientele:

• revolving credit home loan: a flexible home loan that allows customers to withdraw and repay funds as needed
• floating home loan: a home loan with an interest rate that can fluctuate with the market
• fixed home loan: a loan with a set interest rate for a specified period, offering repayment certainty
• reverse mortgages: tailored for older Kiwis, allowing them to access home equity for a more comfortable retirement
• savings and deposits: includes term deposits, Digital Saver, Notice Saver, and more
• car loans and business loans: financing solutions for personal vehicles and business needs
• rural loans: financial products designed for agricultural operations, including livestock and farm transition loans
• Heartland Extend: personal finance products offering flexible lending options

Heartland Bank also provides a refix comparison calculator, refinance calculator, and a mobile app to enhance customer experience and service accessibility.

Culture at Heartland Bank

The bank fosters an inclusive culture that values diversity and supports employee well-being. The work environment is stated to be challenging, stimulating, and rewarding, with real opportunities for learning and career development. They invest in their people, providing career progression across different teams, and offer various benefits:

• flexible working arrangements
• health insurance and mental health support
• daily breakfast, yoga, and mindfulness sessions
• employee banking and discounted Microsoft Office products
• Te reo Māori lessons and Friday pizza and drinks

Heartland Bank celebrates diversity and fosters an inclusive workplace where employees can be authentic and better understand customer needs. Employees contribute to this culture through various committees, including the Rainbow Committee, Diversity & Inclusion Committee, Manawa Whenua, and Kainga Pasifika. They support fairer pay as a Living Wage Accredited Employer and participating in MindTheGap pay gap reporting, with other initiatives like:

• embracing te reo and tikanga Māori enhances Heartland’s inclusivity and appeal to Māori
• being a finalist in the 2020 Diversity Awards NZ and 2022 HRNZ Awards for the Manawa Ako internship program
• allowing employees under 35 to apply for a position on the Rangatahi Advisory Board annually
• becoming the first hearing Accredited Workplace by the National Foundation for the Deaf and Hard of Hearing

The bank recognises its responsibility to support the communities it operates in through national and regional sponsorships. The Heartland Trust, an independent charitable trust supported by Heartland, aids organisations dedicated to helping young New Zealanders reach their potential. This commitment is reflected in various initiatives and sponsorships:

• sponsoring the InZone Education Foundation to enhance educational outcomes for Māori and Pasifika youth
• partnering with Kupe Leadership Scholarships for future leaders and sponsoring Te Matatini festival for Māori performing arts
• platinum partner of Auckland Writers Festival, attracting top writers and thinkers
• major sponsor of the Young Auctioneer of the Year competition at Canterbury A&P show since 2012
• financially assisting Lifeline’s 24/7 phone service and sponsoring Heartland Bank Schools' Music Festival in Ashburton

The organisation presents itself as blending the care of a traditional building society with the competitive rates of a modern bank. With roots in the past and a focus on the future, its robust culture increases its longevity and success.

About Heartland Bank CEO Leanne Lazarus and Key People

Leanne Lazarus has been Heartland Bank's CEO since 2022, bringing 30 years of financial services experience. Previously, she served as CEO of Westpac Life NZ, head of business execution at ANZ Australia, and held leadership roles at NBNZ and Nedbank. Lazarus attended MIT Sloan School of Management, AIB, AICD, Institute of Directors New Zealand, and INSEAD.

Leanne Lazarus is supported by a team of key people who help operate the company effectively:

• Andy Wood, acting as chief risk officer, develops and manages comprehensive risk strategies
• Kerry Conway, as chief financial officer, oversees financial planning, reporting, and strategy
• Michael Drumm, serving as chief operating officer, ensures the smooth execution of daily operations
• Phoebe Gibbons, the company’s general counsel, provides legal advice and oversees compliance
• Lana West, as chief people and culture officer, leads human resources and drives cultural initiatives

The Future at Heartland Bank

Heartland Bank’s focus on reverse mortgages is crucial for supporting New Zealand's ageing population. Recent research backed by Heartland highlighted challenges and solutions for seniors wishing to age in place. As living costs rise, Heartland’s commitment to innovative financial solutions will help maintain independence and quality of life for retirees, ensuring a promising future for the company.

In 2024, the bank completed its acquisition of Challenger Bank, becoming the first New Zealand bank to acquire an Australian ADI. This acquisition aligns with Heartland’s long-term growth ambitions and expansion in the Australian market. Moving forward, the company aims to drive growth through digitalisation and automation, enhancing customer experiences and offering unique banking products.