Heartland's deposit reinvestment rate climbs
At June 30, Heartland had $1.6 billion in retail deposits and cash and liquid assets of $0.6 billion, or more than a third of the debenture book, the company told the stock exchange.
Its reinvestment rate in June rose to 82% compared with an average 77% in the year to date and treasurer Craig Stephen says Heartland's non-guaranteed deposits are tracking ahead of budget.
"Our attention is clearly focused on completing this transaction," Stephen says.
Heartland, which is now ranked 43rd in NZX's Top 50 Index, will gain another about $400 million in debentures with the PGG Wrightson purchase. "I don't know that deposit base anywhere near as well as we know our own deposit base," Stephen says.
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