Tuesday 16 February 2016 by William Arnold Company factsheets

Heritage Bank AUD 3M BBSW + 3.50% 24 June 2025 Subordinated Tier 2 bond factsheet

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Heritage Bank AUD 3M BBSW + 3.50% 24 June 2025 Subordinated Tier 2 bond

Heritage was originally formed in 1981 by the merger of Toowoomba Permanent Building Society (est. 1875) and the Darling Downs Building Society (est. 1897). The organisation changed from a building society to a bank in 2011. However, it still has a mutual ownership structure which alleviates pressure to maximise profits, given the absence of shareholder expectations for returns. Heritage offers various forms of personal and commercial lending but residential mortgage lending is the largest part of the business. Heritage is primarily Queensland focused, however does have lending offices in Sydney, Melbourne and Adelaide and lending capabilities in WA, NT and TAS.