This follows an announcement made today by Heartland that it had received the necessary regulatory approvals from the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of New Zealand (RBNZ) to acquire the Bank.

As reported in Challenger’s third quarter update on 18 April 2024, the sale of the Bank will generate a pre-tax gain on sale of approximately $11 million, which will be reported as a significant item in FY24, and approximately $40 million of capital will be injected into Challenger Life.

Managing Director and Chief Executive Officer, Nick Hamilton said: “With the sale of the Bank now complete, Challenger will focus on its core Life and Funds Management businesses, continue to execute our growth strategy and deliver on our purpose of providing customers with financial security for a better retirement.”