New Zealand Government to Fully Acquire Kiwibank for NZ$2.1 Billion
The New Zealand (NZ) government has agreed to acquire 100 percent of Kiwi Group Holdings (KGH), the owner of Kiwibank, for $2.1 billion (US$1.3 billion).
KGH has operated under three Crown-owned entities—NZ Post, the Accident Compensation Corporation (ACC), and the NZ Super Fund.
Finance Minister Grant Robertson said that while the Crown essentially had full ownership of Kiwibank through the three entities, NZ Post and ACC had sought to withdraw as shareholders due to a divergence in long-term investment plans.
Matt Whineray, the chief executive of NZ Super Fund, revealed the company had considered buying some or all of NZ Post’s stake (53 percent), but ultimately was unable to agree on two key issues….