Kiwibank to remain 100 per cent New Zealand owned

Kiwibank (file picture).

Kiwibank will remain 100 per cent in NZ hands, with the Government this morning moving to take complete ownership of it.

That’s after the current shareholders, ACC and NZ Post signalled they wanted out of the business.

The NZ Super Fund, the other shareholder, had signalled it may move to partially privatise its ownership – something the Government refused to let happen.

So Finance Minister Grant Robertson says the Crown has taken over 100 per cent of KiwiBank’s holding company, Kiwi Group Holdings.

Launched 20 years ago, Kiwibank has moved from a “standing start”, Robertson said, to having over a million customers.

“The benefit to New Zealanders is there is a bank that is New Zealand owned, that ensure profits are retained here, they have confidence it is theirs," Robertson said at a press conference this morning.

“It’s something New Zealanders want.”

NZ Super Fund will receive $527 million for its 25 per cent shareholding.

ACC will sell its 22 per cent share in the bank – worth about $464 million.

The move needs final approval from the Reserve Bank.

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