Potential damages a snag in oppostion to TSB Bank sale to Heartland
Taranaki residents unhappy with the plan to sell TSB Bank to Heartland are hoping to file an injunction to stop it next week but some are baulking at the possibility they may face damages if the legal challenge fails.
The Taranaki Community Accountability Society (TCAS) was formed to fight the deal which will see Heartland paying a nominal $620 million, but none of that in cash, to become TSB Heartland Bank.
TSB’s current owner, Toi Foundation, will become a 17.5% shareholder of Heartland. Kevin Landrigan, one of three executives elected to lead TCAS, told BusinessDesk that some of the group’s...MORE»
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