Banking chief reflects on a 15-year journey
After 15 years at Heartland Group, Jeff Greenslade retired as CEO on Sept. 30.
Greenslade joined through MARAC Finance in 2009 and played a pivotal role in the formation of Heartland.
Greenslade’s leadership saw the company navigate several milestones, including the merger that created Heartland in 2011 and its banking registration from the Reserve Bank (RBNZ) in 2012.
Guiding Heartland through major growth phases
Greenslade was instrumental in Heartland’s evolution, steering the company through multiple growth stages.
“We couldn’t just be a smaller version of a big bank. We had to create something different,” he said.
Greenslade oversaw the company’s acquisition of reverse mortgage businesses and its 2018 listing on the ASX. Most recently, Heartland acquired Challenger Bank in 2024, marking a major step in its Australian expansion.
A unique strategy: Focus on differentiation
Under Greenslade’s leadership, Heartland adopted a “best or only” strategy, offering unique products that set it apart from traditional banks.
This approach fueled Heartland’s growth, expanding its receivables from $1.7 billion in 2011 to $7.2bn in 2024.
The company’s net profit after tax (NPAT) rose from $7.1 million to $102.7m during the same period.
“Our strategy of differentiation is something I’m particularly proud of,” Greenslade said.
The future: Technology and simplification
As Greenslade steps down, he highlighted the next phase of Heartland’s development, which will focus on using technology to simplify operations and reduce inefficiencies. The goal is to achieve the lowest cost-to-income ratio of any bank in New Zealand and Australia.
“If you can’t do something quickly, you can’t do it cheaply,” Greenslade said, hinting at potential changes to streamline the company’s offerings.
Impact on communities: Supporting customers with purpose
Greenslade reflected on Heartland’s positive impact, especially through products like reverse mortgages and livestock finance, which help both retirees and farmers.
He also highlighted the Manawa Ako internship program, which supports greater Māori representation in the finance industry.
What’s next for Greenslade?
Looking forward, Greenslade expressed excitement about the future without a concrete plan.
“For the first time in my life, I can say, ‘I don’t know,’ and it doesn’t bother me,” he said, as he passes the leadership to Andrew Dixson, the new Heartland Group CEO starting Oct. 1.
Visit the Heartland website for the full interview. To read Heartland Bank’s announcement on Greenslade’s retirement, visit this page.
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