Briefs: Heartland satisfies Challenger-conditions, new OFX director, FSA and Westpac renew funding a

Heartland Group has completed a NZ$210 million equity raising, which was a condition of approval from the Australian Prudential Regulation Authority and the Reserve Bank of New Zealand for Heartland to acquire Challenger Bank. Heartland raised NZ$131 million from institutional investors and NZ$79 million from retail investors. The take-up rate for the retail offer was 81 per cent. The new equity capital will support regulatory capital requirements and asset growth. Once the deal is done, Heartland will transfer Heartland Australia Holdings and its subsidiaries, reverse mortgage lender Heartland Finance and livestock finance business StockCo Australia, to Challenger Bank. The bank will be rebranded Heartland Bank Australia.

Jacqueline Hey, former chief executive of Ericsson Australia and New Zealand and former chair of Bendigo and Adelaide Bank, has joined the board of foreign exchange company OFX Group as a non-executive director. She will take up her appointment next month, replacing Douglas Snedden, who is retiring after serving on the board since 2015. Hey is currently a director of Commonwealth Superannuation Corp.

Debt manager and lender FSA Group has renewed its funding arrangements with Westpac. The company announced that a A$125 million non-recourse senior personal loan facility has been extended until April 2026 and a $15 million corporate facility has been extended to March 2026. The personal loan facility is supported by a $43 million mezzanine facility provided by fund manager.