Financial results for Kiwibank Banking Group for the year ended 30 June 2024
(22/08/2024)
Download the Kiwibank Disclosure Statement.
Read the media release.
Download Kiwibank FY24 performance highlights.
Kiwibank director rescinds resignation
(22/07/2024)
It was previously notified that Scott Pickering would be resigning from the Kiwibank Board on 31 August 2024. However, as a result of further assessment of his new governance opportunities, Scott has made a decision to withdraw his resignation and serve his full term on the Kiwibank Board. Kiwibank Chair, Jon Hartley, noted that the Board was very supportive of Scott's decision and that Kiwibank would greatly benefit from Scott continuing as a director.
Retirement of Kiwibank Director
(1/07/2024)
Kiwibank today announced that Scott Pickering will retire as a director of Kiwibank Limited effective 5pm, 31 August 2024.
Kiwibank Chair, Jon Hartley, thanked Scott for his service and time on the Kiwibank Board.
“Originally appointed in November 2018 by ACC as a shareholder representative and staying on after their departure, Scott has contributed significantly to our transformation journey and the future thinking of Kiwibank as a purpose led bank. His experiences as a CEO, now supplemented by his non-executive director roles, have added to the richness of discussion and debate at the board table. I thank him for his commitment and contribution. His retirement comes earlier than planned and reflects new opportunities, including becoming a chair, and I know he will follow Kiwibank as it continues to grow.”
Kiwibank Disclosure Statement
(22/02/2024)
Kiwibank Limited has published its half yearly Disclosure Statement
Read the press release.
Financial results for Kiwibank Banking Group for the year ended 30 June 2023
(24/08/2023)
Download the 2023 Kiwibank Disclosure Statement.
Kiwi Group Capital invests $225 million into Kiwibank to accelerate growth
(1/08/2023)
Kiwi Group Capital (KGC) today announced that it has invested $225 million into its wholly owned subsidiary, Kiwibank, to further accelerate the growth of the largest New Zealand-owned bank.
Kiwibank new director notification
(7/07/2023)
Kiwibank is pleased to announce the appointment of Jonathan Keith Macdonald as an independent director of Kiwibank Limited effective from and including 1 September 2023.
Jon has a background in technology and digital, and was the CEO of Trade Me from 2008 to 2019. Earlier in his career, Jon worked in a range of technology and management roles for HSBC and Deloitte.
Jon served on the board of NZX (New Zealand’s stock exchange) from 2013 to 2021, and is currently a director of Contact Energy, Mitre 10, My Food Bag, Trade Me (through its parent company Titan) and Sharesies.
Kiwibank director appointment
(5/07/2023)
Kiwibank is pleased to announce the appointment of Anna Valerie Curzon as an independent director of Kiwibank Limited effective from and including 1 September 2023.
Anna is a global executive at Xero where she previously led the global product team, spearheading product management, development, design and product marketing, and prior to that managed the New Zealand business. Anna has a wealth of experience in the tech and financial services sector, with over 18 years at ASB Bank in senior leadership roles across Internet Banking, Marketing, Innovation and the Contact Centre.
Retirement of Kiwibank Directors
(27/06/2023)
Kiwibank today announced that Carol Campbell and Gregg Behrens will retire as directors of Kiwibank Limited effective 5pm, 30 June 2023.
Kiwibank Chair, Jon Hartley, thanked both members for their service and time on the Kiwibank Board.
“Both Carol and Gregg have been respected members of the Kiwibank Board, contributing to our culture and providing valued stewardship.”
Kiwibank director notification
(1/06/2023)
Kate Jorgensen has been appointed as an independent director of Kiwibank Limited effective from and including 1 June 2023.
Fitch Assigns Ex-Government Support Ratings to Kiwibank Limited
(28/04/2023)
Fitch Ratings (Fitch) has today assigned ex-government support or ‘xgs’ ratings to Kiwibank Limited. This rating action follows the publication by Fitch of Bank Ex-Government Support Ratings Criteria on 11 April 2023.
The ex-government support ratings exclude assumptions of extraordinary government support from the underlying ratings.
Kiwibank’s Long Term xgs ratings are set at the level of its Viability Rating (bbb+).
For further information see Basel III Revised Standardized Approach for Credit Risk FAQs: Fitch Solutions.
Kiwibank’s current ratings, including its Long Term Issuer Default Rating (AA) and Viability Rating, remain unchanged.
|
Fitch rating description |
Kiwibank Rating |
Kiwibank xgs Rating |
|
Long Term (LT) Issuer Default Rating |
AA |
BBB+(xgs) |
|
Local Currency (LC) LT Issuer Default Rating |
AA |
BBB+(xgs) |
|
Short Term (ST) Issuer Default Rating |
F1+ |
F2(xgs) |
|
LC ST Issuer Default Rating |
F1+ |
F2(xgs) |
|
Senior Unsecured LT |
BBB+(xgs) |
|
|
Senior Unsecured ST |
F2(xgs) |
Kiwibank Disclosure Statement
(23/02/2023)
Kiwibank Limited has published its half yearly Disclosure Statement
Kiwibank director notification
(30/11/2022)
John Gilbert Sproat has resigned as director of Kiwibank Limited effective 30 November 2022.
Fitch upgrades Kiwibank’s Long-Term Foreign Currency rating to AA
(16/09/2022)
Fitch Ratings (Fitch) has upgraded Kiwibank Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AA' from 'AA-'. The Outlook is Stable.
Fitch has also affirmed the Long-Term Local-Currency IDR at 'AA' with a Stable Outlook.
The rating actions follow the upgrade of the New Zealand sovereign’s Long-Term Foreign-Currency IDR to 'AA+' from 'AA'.
Kiwibank looks to the future as Government confirms it will remain in public hands
(22/08/2022)
The Government has announced that, subject to regulatory approvals, it has acquired 100 percent of Kiwibank’s parent company Kiwi Group Holdings.
Financial results for Kiwibank Banking Group for the year ended 30 June 2022
(18/08/2022)
Download the Kiwibank Disclosure Statement.
Kiwibank director notification
(11/05/2022)
Gregg Behrens has been appointed as an independent director of Kiwibank Limited effective from and including 11 May 2022.
Kiwibank - Uncalled Capital Facility
(14/04/2022)
Kiwibank Limited (Kiwibank) advises that a $300m uncalled capital facility from the Crown to Kiwi Group Holdings Limited (KGHL) for the benefit of Kiwibank has been terminated.
Changes in Kiwibank’s ownership structure since the facility was established in 2009, together with increases to Kiwibank’s capital ratios and balance sheet size, make this facility no longer necessary.
Kiwibank Disclosure Statement
(24/02/2022)
Kiwibank Limited has published its half yearly Disclosure Statement
Financial results for Kiwibank Banking Group for the year ended 30 June 2021
(26/08/2021)
Download the Kiwibank Disclosure Statement.
Kiwibank ends credit rating service from Standard & Poor’s
(13/7/2021)
Following agreement, the credit rating service from Standard & Poor’s Global Ratings (S&P) to Kiwibank Limited is ending. As a result S&P’s ratings on Kiwibank have been withdrawn.
The decision follows an internal review by Kiwibank of the services provided by its three rating agencies. Kiwibank will continue to work closely with its other agencies, Moody's Investors Service and Fitch Ratings.
Kiwibank’s current ratings are A1/P-1 with Moody’s (outlook: Stable) and AA/F1+ with Fitch (outlook: Stable).
Kiwibank Disclosure Statement
(25/02/2021)
Kiwibank Limited has published its half yearly Disclosure Statement.
Kiwibank director notification
(17/11/2020)
Michael (Mike) O’Donnell, an Independent Non-Executive Director, has retired from the Kiwibank Board, effective on and from 5pm on 15 November 2020.
Financial results for Kiwibank Banking Group for the year ended 30 June 2020
(01/09/2020)
Download the Kiwibank Disclosure Statement.
Kiwibank director notification
(17/08/2020)
Mary-Jane Daly has been appointed as an independent director of Kiwibank Limited effective from and including 31 August 2020. Ms Daly will replace Mr Alistair Ryan who will retire from the Kiwibank Board on 30 August 2020.
S&P Global Ratings Rating Announcement
(06/05/2020)
S&P Global Ratings has revised its outlook on Kiwibank Limited from ‘positive’ to ‘stable’ and affirmed its ‘A’ long-term and ‘A-1’ short-term ratings on the bank.
COVID-19: Reserve Bank notifies Kiwibank of restrictions on capital
(02/04/2020)
As part of the response to COVID-19, the Reserve Bank of New Zealand (RBNZ) has notified Kiwibank that during this period of economic uncertainty New Zealand-incorporated banks (including Kiwibank) cannot pay dividends on ordinary shares, and that non-CET1 capital instruments cannot be redeemed.
The restrictions take effect from today under revised Conditions of Registration issued to all New Zealand-incorporated banks (including Kiwibank). They will remain in place until further notice, with the aim of relaxing them when the economic outlook has sufficiently recovered.
Because of this Kiwibank will not be able to exercise an early redemption option to redeem, on 27 May 2020, Kiwibank’s only outstanding non-CET1 instrument, a $150m Additional Tier 1 perpetual bond, further supporting Kiwibank’s capital position.
Kiwibank director notification
(21/02/2020)
John Sproat has been appointed as a director of Kiwibank Limited, effective 20 February 2020.
Kiwibank Disclosure Statement
(21/02/2020)
Kiwibank Limited has published its half yearly Disclosure Statement.
Kiwibank director notification
(08/11/2019)
Jon Hartley has been appointed the new Chair of Kiwibank effective from 28 November 2019, subject to Reserve Bank approval.
Kiwibank director notification
(08/11/2019)
Dr Susan Macken will retire as Kiwibank Board Chair, effective 28 November 2019.
Kiwibank director notification
(01/10/2019)
David Walsh has retired as a director of Kiwibank Limited, effective on and from 5pm on 30 September 2019.
Financial results for Kiwibank Banking Group for the year ended 30 June 2019
(23/08/2019)
View the Kiwibank Disclosure Statement.
Kiwibank announces replacement of Trust Manager for the Kiwi Covered Bond Trust
(01/07 2019)
Kiwibank Limited (Kiwibank) gives notice that New Zealand Post Trust Management Services Limited retires as trust manager under the establishment deed relating to the Kiwi Covered Bond Trust dated 23 January 2013 (as amended by a supplemental deed dated 19 June 2014) (Establishment Deed) with effect on and from 1 July 2019 (Resignation Date).
Kiwibank, with effect on and from the Resignation Date, has been appointed as the trust manager for the Kiwi Covered Bond Trust and assumes all of the obligations of the trust manager under the programme documents to which it is a party as successor trust manager. The replacement has been effected by a deed of substitution dated 28 June 2019 (Deed of Substitution).
Kiwibank has people, processes and systems in place to enable it to perform and comply with, respectively, its trust management duties and obligations.
An investor may obtain a copy of the Deed of Substitution, free of charge, on request, from:
Edward McElrea
Securitisation and Funding Manager, Kiwibank
Kiwibank Disclosure Statement
(20/02/2019)
Kiwibank Limited has published its half yearly Disclosure Statement.
Kiwibank director notification
(20/11/2018)
Carol Campbell has been appointed as a director of Kiwibank Limited, effective 20 November 2018.
Kiwibank director notification
(31/10/2018)
Jane Taylor has retired as a director of Kiwibank Limited, effective on and from 5pm on 31 October 2018.
S&P Global Ratings Rating Announcement
(30/10/2018)
S&P Global Ratings has revised its outlook on Kiwibank Limited from stable to positive and affirmed its ‘A’ long-term and ‘A-1’ short-term ratings on the bank.
Kiwibank director notification
(31/08/2018)
Carol Campbell has retired as a director of Kiwibank Limited, effective 31 August 2018.
David Walsh has been appointed as a non-executive director of Kiwibank Limited, effective 31 August 2018, and from that date will no longer act as an alternate director for Jane Taylor.
Financial results of Kiwi Group Holdings (including Kiwibank) for the year ended 30 June 2018
(24/08/2018)
View the Kiwibank Disclosure Statement.
Steve Jurkovich appointed Kiwibank CEO
(26/04/2018)
Kiwibank Board Chair Dr Susan Macken today announced the appointment of Steve Jurkovich to the role of Kiwibank Chief Executive Officer and Chief Executive Officer of Kiwi Group Holdings (KGH).
Kiwibank Disclosure Statement
(23/02/2018)
Kiwibank Limited has published its quarterly Disclosure Statement.
Kiwibank Disclosure Statement
(30/11/2017)
Kiwibank Limited has published its quarterly Disclosure Statement.
Financial results for the Kiwibank Banking Group (including Kiwibank Limited) for the year ended 30 June 2017
(12/09/2017)
View the Kiwibank Disclosure Statement.
Financial results of Kiwi Group Holdings (including Kiwibank) for the year ended 30 June 2017
(01/09/2017)
Kiwi Group Holdings (‘Group’), which includes Kiwibank, has reported an unaudited net profit after tax for the year ended 30 June 2017 of $58 million. The result has been significantly impacted by an impairment of $90 million ($65 million after tax) relating to the work in progress on the IT project known as CoreMod. The decision to make the impairment is a result of a strategic review to ensure the Bank’s future IT systems meet rapidly-changing technology and customer requirements.
Kiwibank chief executive resigns
(22/08/2017)
The Chief Executive of Kiwibank, Paul Brock, today announced he will be resigning after seven years leading the company. He will leave at the end of the year.
Kiwibank convertible capital instruments held by Kiwi Capital Funding Limited (KCFL) requalify as regulatory capital
(10/08/2017)
Kiwibank Limited is now able to treat the following two convertible capital instruments issued by Kiwibank and held by KCFL as regulatory capital under Document BS2A of the RBNZ’s Capital Adequacy Framework (Standardised Approach):
- Kiwibank’s Tier 2 convertible subordinated bond issued on 6 June 2014 ($100m); and
- Kiwibank’s Additional Tier 1 perpetual bond issued on 27 May 2015 ($150m)
The Tier 2 bond and the AT1 bond (together, the Kiwibank Bonds) are the related bonds for, respectively, Capital Notes and Perpetual Capital Notes issued by KCFL.
In March 2017 the Reserve Bank of New Zealand (RBNZ) formed a preliminary view that the Kiwibank Bonds did not comply with certain requirements of BS2A. Following this, changes were made to address the concerns raised by the RBNZ which resulted in the accounting deconsolidation of KCFL from Kiwibank with effect from 30 March 2017. However, on 29 May 2017 the RBNZ revoked their notices of non-objection for the Kiwibank Bonds and so Kiwibank was then not able to treat the Kiwibank Bonds as regulatory capital.
Having now given due consideration to the changes that were made and accepting that Kiwibank should not consolidate KCFL, the RBNZ has today issued a new notice of non-objection in relation to the Kiwibank Bonds. This means that Kiwibank can again treat the Kiwibank Bonds as regulatory capital.
Kiwibank director notification
(1/08/2017)
Alistair Ryan has been appointed as a director of Kiwibank Limited, effective 1 August 2017.
Kiwibank director notification
(31/07/2017)
Ian Blair has been appointed as a director of Kiwibank Limited, effective 31 July 2017.
Kiwibank Disclosure Statement
(31/05/2017)
Kiwibank Limited has published its quarterly Disclosure Statement.
Reserve Bank of New Zealand confirms decision on Kiwibank’s convertible capital instruments held by Kiwi Capital Funding Limited (KCFL)
(29/05/2017)
Kiwibank has been informed by the Reserve Bank of New Zealand (RBNZ) that the RBNZ has confirmed its March 2017 preliminary view that as from today the following two capital instruments issued by Kiwibank no longer qualify as regulatory capital under Document BS2A of the RBNZ’s Capital Adequacy Framework (Standardised Approach):
- Kiwibank’s Tier 2 convertible subordinated bond issued on 6 June 2014 ($100m); and
- Kiwibank’s Additional Tier 1 perpetual bond issued on 27 May 2015 ($150m)
The Tier 2 bond and the AT1 bond (together, the Kiwibank Bonds) are the related bonds for, respectively, Capital Notes and Perpetual Capital Notes issued by Kiwi Capital Funding Limited (KCFL).
Kiwibank will not be calling (ie seek early repayment of) the two securities issued by KCFL at this time. Kiwibank continually assesses the quantity and mix of capital required to support its operations and meet regulatory and rating agency requirements.
Capital position supported
Following the RBNZ’s March 2017 preliminary view, Kiwibank’s shareholders (NZ Post, ACC and NZ Super Fund) pre-emptively injected, through Kiwi Group Holdings Limited (KGHL), $247m of common equity into Kiwibank on 10 April 2017 to ensure the capital position of the bank would be maintained despite the actions taken by the RBNZ today.
Reasons for the change in capital treatment
The RBNZ had previously provided Kiwibank with letters of ‘non-objection’ in relation to the Kiwibank Bonds. However, it has concluded that Kiwibank, as issuer of the Kiwibank Bonds, had levels of control or significant influence over KCFL which it now views as inconsistent with the securities qualifying as regulatory capital.
Amendments still under RBNZ review
Changes made by Kiwibank in an effort to address the concerns raised in March are still being reviewed by the RBNZ.
Changes to Kiwibank Board
(10/4/2017)
Rob Morrison, Chair of Kiwibank, and Rhoda Phillippo, Deputy Chair, have announced their intention to resign from the Kiwibank Board effective 13 April 2017.
NZ Post, the NZ Super Fund and ACC to provide $247 million of capital into Kiwibank
(07/04/2017)
NZ Post, the NZ Super Fund and ACC will, through Kiwi Group Holdings Limited, subscribe for $247 million of common equity in Kiwibank, effective 10 April 2017, following a recent preliminary decision by the Reserve Bank of New Zealand regarding Kiwibank’s convertible capital instruments.
Shareholders will fund proportionate to their existing shareholdings, reflecting recent announcements by shareholders that Kiwibank’s capital ratios will be maintained should the Reserve Bank determine that the convertible capital instruments are not fully compliant.
Kiwibank remains of the strong view that existing convertible capital instruments are compliant and is working with the Reserve Bank of New Zealand to resolve this matter.
Reserve Bank of New Zealand preliminary decision on Kiwibank’s convertible capital instruments held by Kiwi Capital Funding Limited – statement from Shareholders of Kiwibank
(15/03/2017)
Further to the Kiwibank announcement regarding the Reserve Bank of New Zealand (RBNZ) preliminary decision in respect of capital issuances from Kiwibank to Kiwi Capital Funding Limited (KCFL), the shareholders of Kiwibank, NZ Post, the New Zealand Superannuation Fund and the Accident Compensation Corporation confirm their support as long term shareholders. The RBNZ preliminary decision does not in any way impact the growth opportunities of the bank and all shareholders continue to support those opportunities. In the event that the RBNZ determines that the issuances to KCFL are not fully compliant, the Shareholders will ensure that the bank will be in no worse capital position than if the RBNZ had not changed the treatment of the capital.
Reserve Bank of New Zealand preliminary decision on Kiwibank’s convertible capital instruments held by Kiwi Capital Funding Limited (KCFL)
(14/03/2017)
Kiwibank has issued the following capital instruments to KCFL:
Kiwibank’s Tier 2 convertible subordinated bond issued on 6 June 2014 (Tier 2 Bond); and
Kiwibank’s Additional Tier 1 perpetual bond issued on 27 May 2015 (AT1 Bond).
The Tier 2 Bond and the AT1 Bond (together, the Kiwibank Bonds) are the related bonds for, respectively, Capital Notes and Perpetual Capital Notes issued by KCFL.
Kiwibank has been informed by the Reserve Bank of New Zealand (RBNZ) that the RBNZ has formed a preliminary view, which they have yet to finalise, that the Kiwibank Bonds do not comply with certain requirements in Document BS2A, Capital Adequacy Framework (Standardised Approach).
The issue relates to a technical interpretation matter and in Kiwibank's view does not in any way affect the quality of the capital represented by the Kiwibank Bonds. Kiwibank is working urgently to resolve the issues with the RBNZ.
While the issues continue to be discussed, Kiwibank has decided not to proceed with the settlement of a proposed AUD175 million bond issue that was scheduled to settle on 15 March 2017.
Fitch Ratings rating announcement
(02/03/2017)
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer Default Rating (IDR) on Kiwibank Limited from 'AA' to 'AA-' (stable outlook).
Moody’s rating announcement
(01/03/2017)
Moody’s Investors Service has downgraded the long term issuer rating on Kiwibank Limited from Aa3 to A1 (stable outlook).
S&P Global Ratings Rating Announcement
(01/03/2017)
S&P Global Ratings has downgraded the long term issuer rating on Kiwibank Limited from A+ to A (stable outlook).
Kiwi Group Holdings and Kiwibank six-month financial results (July 2016 – December 2016)
(20/02/2017)
Kiwi Group Holdings, which includes Kiwibank, Kiwi Insurance and Kiwi Wealth, has declared a profit of $65 million after tax for the six months ended December 31, 2016. This compares with a profit after tax of $73 million for the same period in 2015.
View the Kiwibank Disclosure Statement.
Kiwibank director notification
(15/12/2016)
Alison Gerry has resigned as director of Kiwibank Limited, effective 31 December 2016.
Kiwibank Disclosure Statement
(5/12/2016)
Kiwibank Limited has published its quarterly Disclosure Statement.
Kiwibank director notification
(29/11/2016)
Susan Macken and Kevin Malloy have been appointed as directors of Kiwibank Limited, effective 28 November 2016.
Kiwibank director notification
(16/11/2016)
Mike O’Donnell has been appointed as a director of Kiwibank Limited, effective 15 November 2016.
Kiwibank director notification
(9/11/2016)
Scott Pickering has been appointed as a director of Kiwibank Limited, effective 8 November 2016.
Kiwibank director notification
(1/11/2016)
Michael Cullen has resigned as director of Kiwibank Limited, effective 31 October 2016, 11:59pm.
Jane Taylor has been appointed as a director of Kiwibank Limited, effective 31 October 2016, 11:59pm.
Lindsay Wright has resigned as director of Kiwibank Limited, effective 31 October 2016.
New Zealand Post sells 47% of Kiwi Group Holdings to NZ Super Fund and ACC
(31/10/2016)
Kiwibank Limited ("Kiwibank") has issued the following bonds:
(a) CHF150,000,000 1.000 per cent. covered bonds due 2020 with the Valor symbol KIW13; and
(b) CHF175,000,000 0.875 per cent. bonds due 2019 with the Valor symbol KIW14, together the "Bonds".
New Zealand Post Limited ("NZ Post") was the sole shareholder in Kiwi Group Holdings Limited ("KGHL"), which in turn is the sole shareholder of Kiwibank. NZ Post has concluded a sale of a 47% share of KGHL to NZSF Tui Investments Limited (a wholly-owned subsidiary of the Guardians of the New Zealand Superannuation Fund ("NZSF") (as to 25%) and Accident Compensation Corporation ("ACC") (as to 22%). Each of NZSF and ACC are Crown entities. The total purchase price was NZ$494m (based on a total valuation of KGHL of NZ$1.05 billion). As part of the transaction NZ Post will reinvest $90 million of its proceeds back into Kiwibank.
NZ Post provides a standing guarantee of certain payment obligations of Kiwibank (including payment obligations under the Bonds). NZ Post has given notice that it will terminate the guarantee with effect from 28 February 2017. This termination will not affect any payment obligations of Kiwibank that were already guaranteed at the time the guarantee is terminated. This means the Bonds will continue to be guaranteed by NZ Post notwithstanding the termination of the guarantee.
Geoff Martin
Head of Funding
Financial results for Kiwi Group Holdings (including Kiwibank) for the year ended 30 June 2016
(26/08/2016)
View the Kiwibank Disclosure Statement.
Kiwibank director notification
(30/06/2016)
Brian Roche has resigned as director of Kiwibank Limited, effective 30 June 2016.
Kiwibank Disclosure Statement
(27/05/2016)
Kiwibank Limited has published its quarterly Disclosure Statement.
Moody’s rating announcement
(07/04/2016)
Moody’s Investors Service has placed Kiwibank Limited’s credit rating of Aa3 on review for downgrade.
Fitch Ratings Rating Announcement
(07/04/2016)
Fitch Australia Pty Limited has placed Kiwibank Limited’s Long-Term Foreign and Local Currency Issuer Default Ratings of 'AA' and 'AA+', respectively, on Rating Watch Negative.
Standard & Poor’s Rating Announcement
Standard & Poor's Rating Announcement
(06/04/2016)
Standard & Poor’s (Australia) Pty Limited has placed Kiwibank Limited’s A+ long-term issuer credit rating on CreditWatch negative.
New Zealand Post proposing to sell 45% of Kiwi Group Holdings to NZ Super Fund and ACC
(06/04/2016)
Kiwibank Limited ("Kiwibank") has issued the following bonds:
(a) CHF150,000,000 1.000 per cent. covered bonds due 2020 with the Valor symbol KIW13; and
(b) CHF175,000,000 0.875 per cent. bonds due 2019 with the Valor symbol KIW14, together the "Bonds".
New Zealand Post Limited ("NZ Post") is the sole shareholder in Kiwi Group Holdings Limited ("KGHL"), which in turn is the sole shareholder of Kiwibank. NZ Post has commenced a process that could see NZ Post selling a 45% share of KGHL to the Guardians of the New Zealand Superannuation Fund ("NZSF") (as to 25%) and Accident Compensation Corporation ("ACC") (as to 20%). Each of NZSF and ACC are Crown entities. The proposed total purchase price is NZ$495m (based on a total valuation of KGHL of NZ$1.1 billion). The valuation reflects the Government’s non-negotiable position that Kiwibank remains 100% owned by the Crown.
NZ Post, NZSF and ACC have been in discussions regarding the sale and expect to finalise a term sheet soon. The proposed transaction would be subject to a number of conditions, including the completion of satisfactory due diligence by NZSF and ACC, negotiation of definitive transaction documentation, final board approvals and regulatory approvals. It is anticipated that the transaction would be completed by the end of NZ Post's current financial year.
NZ Post provides a standing guarantee of certain payment obligations of Kiwibank (including payment obligations under the Bonds). If the proposed transaction proceeds, NZ Post has indicated that it will terminate the guarantee. NZ Post must give 3 months' notice before it terminates the guarantee. This termination will not affect any payment obligations of Kiwibank that were already guaranteed at the time the guarantee is terminated. This means the Bonds will continue to be guaranteed by NZ Post notwithstanding the termination of the guarantee.
Standard & Poor's has indicated that following the announcement of the proposed transaction, Kiwibank's long term issuer credit rating (A+) will be placed on credit watch negative pending the proposed termination of the standing guarantee provided by NZ Post. Should the guarantee be terminated, Standard & Poor's has indicated it will result in a one notch downgrade to Kiwibank's long term issuer credit rating (from A+ to A).
Geoff Martin
Head of Funding
Kiwibank Director Notification
(23/02/2016)
Rhoda Phillippo has been appointed as a director of Kiwibank Limited, effective 1 March 2016.
Kiwi Group Holdings and Kiwibank six-month financial results (July 2015 – December 2015)
(22/02/2016)
Kiwi Group Holdings, which includes Kiwibank, Kiwi Insurance and Kiwi Wealth, has declared a profit of $73 million after tax for the six months ended December 31, 2015. This compares with a profit after tax of $72 million for the same period in 2014.
View the Kiwibank Disclosure Statement.
Fitch Affirms Kiwibank at 'AA'; Outlook Revised to Stable
(28/01/2016)
Fitch Ratings has affirmed Kiwibank Limited's (Kiwibank) Foreign and Local Currency Long-term Issuer Default Ratings (IDRs) at 'AA' and 'AA+', respectively. The Outlook has been revised to Stable from Positive. The revision of the Outlook to Stable from Positive reflects the Outlook change of the sovereign rating on 26 January 2016.
Kiwibank director notification
(21/01/2016)
Catherine Savage has resigned as director of Kiwibank Limited, effective 31 January 2016.
Kiwibank Disclosure Statement
(20/11/2015)
Kiwibank Limited has published its quarterly Disclosure Statement.
Kiwibank outlook revised upwards by Standard & Poor’s
(17/11/2015)
Standard & Poor’s Rating Services has affirmed Kiwibank’s credit rating as A+ and revised its rating outlook from negative to stable
Kiwibank announces strongest-ever result
(28/08/2015)
Kiwi Group Holdings Limited (“KGH”), which includes Kiwibank Limited and associated companies involved in Wealth Management, Insurance and New Zealand Home Loans, has achieved an after tax profit of $132 million for the year ended 30 June 2015.
Fitch ratings affirms Kiwibank rating – outlook positive
(25/06/2015)
Fitch Ratings has affirmed Kiwibank Limited’s Foreign and Local Currency Long term Issuer Default Ratings (IDRs) at ‘AA’ and ‘AA+’ respectively. The outlook is positive. Today’s rating action has no impact on the rating of Kiwibank’s covered bonds.
Kiwibank director notification
(16/06/2015)
David Willis has resigned as director of Kiwibank Limited, effective 16 June 2015.
Kiwi Capital Funding Limited Perpetual Capital Note Offer – Interest rate set
(01/05/2015)
Kiwi Capital Funding Limited announces Perpetual Capital Note Offer
(20/04/2015)
Moody’s affirms Kiwibank rating – outlook stable
(26/02/2015)
Moody's Investors Service has affirmed Kiwibank Limited's Aa3/Prime-1 long-term/short-term deposit, senior unsecured and issuer ratings.
Moody's has also upgraded the bank's financial strength rating/baseline credit assessment to C-/baa2 from D+/baa3. The outlook for all ratings is stable.
Kiwibank Executive Committee - CRO Appointed
(16/02/2015)
Malcolm Bruce has been appointed Group Chief Risk Officer for Kiwibank.
Kiwibank six-month financial announcement (July 2014 - December 2014)
Kiwibank Banking Group has declared a profit after tax of $71 million for the six months ended 31 December 2014, a 36% increase on the $52 million profit for the same period in 2013.
View the Kiwibank Disclosure Statement.
Kiwibank Disclosure Statement
(21/11/2014)
Kiwibank Limited has published its quarterly Disclosure Statement.
Kiwi Income Securities - Standard & Poor’s Rating Announcement
(01/10/2014)
Standard & Poor’s (Australia) Pty Limited has downgraded the rating assigned to the perpetual callable non-cumulative preference shares issued by Kiwi Capital Securities Limited from BB+ to BB, following a revision to their rating methodology.
There has been no change to Kiwibank Limited’s long-term senior unsecured rating, which remains at A+ with a negative outlook, or short-term rating, which remains at A-1.
Kiwibank profit hits $100 million
(29/08/2014)
Kiwi Group Holdings Limited (“KGH”), which includes Kiwibank Limited and associated companies involved in Wealth Management, Insurance and New Zealand Home Loans, has achieved an after tax profit of $107 million for the year ended 30 June 2014.
Fitch affirms Kiwibank rating - outlook positive
(11/07/2014)
Fitch Ratings has affirmed Kiwibank Limited’s Foreign Currency and Local Currency Long-term Issuer Default Ratings (IDRs) at ‘AA’ and ‘AA+’ respectively. The Outlooks have been revised from Stable to Positive. Today’s rating action has no impact on the ratings of Kiwibank’s covered bonds.
Kiwibank director notification
(09/06/2014)
Lindsay Wright and Carol Campbell have been appointed as directors of Kiwibank Limited, effective 9 June 2014.
Kiwibank Disclosure Statement
(23/05/2014)
Kiwibank Limited has published its quarterly Disclosure Statement.
Kiwi Capital Funding Limited announces capital note offer
(05/05/2014)
Kiwi Capital Funding Limited (KCFL) has today announced an offer of up to $100 million of unsecured subordinated Capital Notes to the New Zealand public.
Kiwi Capital Funding Limited considers capital note offer
(28/04/2014)
Kiwi Capital Funding Limited (KCFL) is considering making an offer of up to $100 million of unsecured subordinated Capital Notes to the New Zealand public.
Kiwibank six-month financial announcement (July 2013 - December 2013)
Kiwibank has declared a profit of $52 million after tax for the six months ended December 31, 2013. This compares with the record profit after tax of $58 million for the same period in 2012 and $38 million in 2011.
View the Kiwibank Disclosure Statement.
Kiwibank director notification
(2/12/2013)
Murray Gribben has resigned as director of Kiwibank Limited, effective 30 November 2013.
GMI reaches $2 billion milestone
(12/08/2013)
Gareth Morgan Investments Limited Partnership (GMI), a New Zealand owned investment manager, has reached a milestone of $2 billion funds under management.
Kiwibank full year profit nudges $100 million
(27/08/2013)
The Kiwibank Banking Group (“Kiwibank”) made an after–tax profit of $97.1 million for the year ended June 30 2013, an increase of 22.8 per cent over the previous year’s profit of $79.1 million.
Kiwibank six-month financial announcement
(26/02/2013)
Kiwibank has declared a profit of $58 million after tax for the six months ended December 31, 2012. This compares with a profit after tax of $38 million for the same period in 2011.
Senior Appointment at GMI
(22/11/2012)
Gareth Morgan Investments (GMI) has announced the appointment of Simon O’Grady as its new Chief Investment Officer (CIO). Simon has a solid track record in wealth management, with over 12 years working for Suncorp in Australia, most recently heading Global Premia Investments, a joint venture with Tyndall prior to its acquisition by Nikko Asset Management.
Kiwibank Bond Offer Interest Rate Set
(13/11/2012)
Kiwibank Limited has today announced that the bookbuild for its Subordinated Bond offer has been well received by investors, and confirmed that the whole offer amount of $150 million has been reserved for clients of participants in the bookbuild process who have received firm allocations. There will be no public pool.
Kiwibank Announces Subordinated Bond Offer
(05/11/2012)
Kiwibank Limited has today announced an offer of up to $150 million of unsecured, Subordinated Bonds to the New Zealand public. The proceeds of the offer will be used to provide Kiwibank with additional capital to meet its growth aspirations. Kiwibank intends to treat the Subordinated Bonds as 'tier 2' capital instruments under the Reserve Bank’s Basel III framework.
Kiwibank Considers Subordinated Bond Offer
(01/11/2012)
Kiwibank Limited is considering making an offer of up to $150 million of unsecured, Subordinated Bonds to the New Zealand public. The terms of the Subordinated Bonds will be structured to be recognised as tier 2 regulatory capital.
Standard & Poor’s lowers Kiwibank’s credit rating
(30/10/2012)
International credit rating agency Standard & Poor’s has lowered Kiwibank’s credit rating one level from AA- to A+ (outlook stable). Kiwibank’s short-term credit rating has also been lowered to A-1. The rating action mirrors similar action on the bank’s parent, New Zealand Post.
Kiwibank reports record profit
(22/08/2012)
Kiwibank has announced an after-tax profit of $79.1 million for the year ended 30 June 2012, a significant increase on the previous year’s profit of $21.2 million, according to figures released today by the Kiwibank Board.
Purchase of New Zealand Home Loans complete
(09/07/2012)
The New Zealand Home Loan Company Limited, based in Hamilton, is now totally owned by Kiwi Group Holdings Limited, the parent company of Kiwibank. Kiwi Group Holdings bought a 51 per cent shareholding in New Zealand Home Loans in 2006 and has progressively increased its shareholding since then. It has now completed the purchase of the remaining 24 per cent of the shares.
Kiwibank celebrates 10 years
(23/04/2012)
Kiwibank has launched a new brand campaign to mark 10 years since it opened for business, using 10-year-old Kiwi children and the music of Neil Finn.
Kiwibank six-month financial announcement
(23/02/2012)
Kiwibank has declared a profit of $37.9 million after tax for the six months ended December 31, 2011. This compares with a profit after tax of $13.9 million for the same period in 2010, and $23.5 million in 2009.
S&P affirms Kiwibank rating - changes outlook
(01/02/2012)
Kiwibank’s credit rating has been confirmed at AA- by international credit rating agency Standard & Poor’s. This is the same rating as the Australian-owned banks operating in New Zealand. However, the outlook for the bank has been amended from stable to negative.
Kiwibank Group purchases Gareth Morgan Investments
(18/01/2012)
Kiwibank and Gareth Morgan Investments (GMI) confirmed today that the Kiwibank group will purchase GMI’s business, including the Gareth Morgan KiwiSaver Scheme. GMI currently manages over $1.5 billion, of which $650 million is KiwiSaver related, on behalf of more than 57,000 clients.