Heritage Bank Ltd. decided to sell its financial planning business to Bridges Financial Services, effective December.

Heritage Bank CEO Peter Lock said Dec. 16 that the decision to sell the financial advice business was part of the bank's plan to focus on core banking activities and to give customers access to the best financial planning service possible.

The sale will affect 20 staff. Heritage Bank will refer customers to Bridges for financial planning.

The company did not provide further details about the sale.

Bridges Financial Services is part of IOOF Holdings Ltd.