Kiwibank Looks To The Future As Government Confirms It Will Remain In Public Hands

Kiwibank today welcomed the news that it would remain in public ownership, with the Government announcing that, subject to regulatory approvals, it has acquired 100 percent of Kiwibank’s parent company Kiwi Group Holdings.

Chief Executive Steve Jurkovich said the announcement would enable Kiwibank, the biggest New Zealand-owned bank, to continue to deliver on its growth ambitions and have even more impact for its people, customers, and Aotearoa.

“The key to having a positive long-term impact is remaining focused on being competitive and balancing performance and purpose. The refreshed arrangements will ensure a continuance of good governance and ownership stability.

“Our success in two short decades since we opened for business is remarkable. Over one million customers and 40 thousand businesses have joined us because they want to bank with a New Zealand-owned bank where 100 percent of our profits stay right here in Aotearoa. But there’s a lot more we want to achieve.”

Mr Jurkovich acknowledged the investment and support of the departing shareholders – NZ Post since the bank’s inception in 2002, and ACC and the NZ Super Fund since 2016.

“Their contribution is a big part of our history, and they leave the bank in a strong position,” he said.

“We look forward to working constructively with the Government under our new ownership structure to deliver on our Purpose: Kiwi making Kiwi better off.”

Mr Jurkovich said the bank would continue to operate independently and at arm’s length from the Government, with its own Board.

He said customers didn’t need to do anything following today’s announcement, and they could take comfort that Kiwibank was here to stay for the long-term.

“We remain focused on providing expertise around the products and services that make Kiwi better off. We believe the stability and support offered by today’s announcement will strongly support our goal of being the first choice in banking for customers.”

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