The New Zealand Superannuation Fund and the Accident Compensation Corporation (ACC) have become joint owners with New Zealand Post of Kiwi Group Holdings (KGH) Limited. KGH is the holding company for Kiwibank, Kiwi Wealth Management, Kiwi Insurance and New Zealand Home Loans.
Post retains 53% ownership of KGH with the NZ Super Fund picking up 25% and ACC 22%.
The Chairman of Kiwibank, Rob Morrison has welcomed the new shareholders, saying it was a great vote of confidence in the overall strategy for the bank and in management and staff.
“Having a strong New Zealand-owned bank is important for New Zealand and the NZ Super Fund and ACC are ideal new shareholders.”
He said the share sale valued the bank at about $1 billion which was remarkable considering the bank has been operating for less than 15 years.
“We now look forward to working with the new owners to ensure the bank continues to grow and maintain its strong financial performance.”
For further information:
Bruce Thompson, Communications Manager - (04) 460 6831