Hon Bill English
Minister of Finance
Hon Todd McClay
Minister for State Owned Enterprises
31 October 2016
Kiwibank ownership changes welcomed
The NZ Super Fund and the Accident Compensation Corporation’s purchase of minority stakes in Kiwibank has been welcomed
by Finance Minister Bill English and State Owned Enterprises Minister Todd McClay.
“The deal keeps Kiwibank in public ownership and gives the bank access to additional sources of capital,” Mr English
says.
“It also returns a dividend of about $200 million to the Government which can be used for other high priorities.”
Under the terms of the deal, NZ Post has sold a 25% shareholding in Kiwibank to the Super Fund and a 22% shareholding to
ACC. The remaining Kiwibank shares are retained by NZ Post. NZ Post, the NZ Super Fund and ACC are all owned by the
Crown.
Mr McClay says the deal recognises that the business operations of NZ Post and Kiwibank are at very different stages of
development.
“The transaction will result in a greater separation of NZ Post’s and Kiwibank’s operations and will allow the boards
and management of both businesses to focus on their respective markets.”
ends