Kiwibank welcomes the release of the Finance and Expenditure Select Committee’s final report and supports the Government’s commitment to fostering a more dynamic and equitable banking sector in Aotearoa New Zealand.
The inquiry’s findings align closely with Kiwibank’s Purpose of Kiwi making Kiwi better off and highlight the importance of a banking environment that provides all New Zealanders with access to simple, affordable, and transparent financial services.
Steve Jurkovich, Kiwibank Chief Executive, said:
“This report highlights the barriers that limit competition and innovation in the banking sector and proposes solutions to deliver better outcomes for all New Zealanders.
“As a challenger bank, Kiwibank is proud to be growing faster than our competitors while staying true to our Purpose. The Government’s recent approval of the next phase of our capital raise process will help us maintain this momentum, strengthen our ability to compete with larger banks, and ensure all funds raised are invested back into New Zealand’s future.
“We’ve consistently advocated for a fairer playing field, including a more proportionate regulatory framework. It’s encouraging to see recognition that the current capital regime may be holding back smaller banks. A more balanced approach will unlock innovation and ensure Kiwi have genuine choice in banking and we look forward to the Government’s review of the Reserve Bank’s capital settings and outcomes that better support competition.
“We acknowledge the efforts of the Select Committee and the cross-party support that shaped this report. We will now take time to carefully consider its findings and recommendations.”
About Kiwibank
Kiwibank is a Purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs – right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar’s 2024 Corporate Reputation Index and the only bank in the top 15. To find out more about Kiwibank visit www.kiwibank.co.nz.
Media contact: Ben Mabon, Head of External Communications 027 288 3263.