Financial results for the Kiwibank Banking Group (including Kiwibank Limited) for the year ended 30 June 2017

(12/09/2017)

View the latest Kiwibank Disclosure Statement (PDF 1.2 MB).


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.

View the press release


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.

View the press release


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.

View the press release.


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.

View the press release.


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:

  1. Kiwibank’s Tier 2 convertible subordinated bond issued on 6 June 2014 (Tier 2 Bond); and
  2. 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 latest Kiwibank Disclosure Statement (PDF 326.7 KB).


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 latest Kiwibank Disclosure Statement. (PDF 660.5 KB)

View the press release.


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

(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 latest Kiwibank Disclosure Statement (PDF 183.3 KB).

View the press release.


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.

View the press release.


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)

View the press release.


Kiwi Capital Funding Limited announces Perpetual Capital Note Offer

(20/04/2015)

View the press release.


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 latest Kiwibank Disclosure Statement.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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 latest Kiwibank Disclosure Statement.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.


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.

View the press release.