The company is currently owned by NZ Post, NZ Super Fund, and ACC
An ownership shakeup may be afoot at Kiwibank’s parent company, Kiwi Group Holdings, as shares in the state-owned company become available.
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State-owned entities the NZ Super Fund and ACC became shareholders in Kiwi Group Holdings in 2016, when they bought 25% and 22% stakes of the company, respectively, with the deal valuing the company at just over $1 billion. The remaining 53% is owned by NZ Post.
A spokeswoman for Finance Minister Grant Robertson said that since Oct. 31, “any shares offered by any Kiwi Group Holdings shareholder and not taken up by other existing Kiwi Group Holdings shareholders would be available for the Crown to purchase directly” and that “ministers and officials are currently considering the best ways for the Crown to express its ownership interest,” Stuff reported.
As well as owning Kiwibank, Kiwi Group Holdings also owns Kiwi Wealth, Kiwi Insure, and the New Zealand Home Loan Company.
An NZ Post spokesperson said the organisation would retain its 53% ownership, unless advised otherwise by the government, while an NZ Super Fund spokesman said it was a long-term investor and remained supportive of Kiwibank Group Holdings. An ACC spokeswoman, meanwhile, did not comment on decisions regarding its investments.
David Tripe, a professor at Massey University, said it was difficult to interpret the minister's statement.
“It’s rather unusual terminology,” Tripe told Stuff. “The use of the word ‘express’ is just odd.”
Tripe said “it could mean anything.” It may be that the government would decide for the Crown to buy shares in Kiwi Group Holdings, or one of its existing shareholders would buy more shares, or a private party could buy a stake.
Tripe said the government would have a “philosophical urge” to keep the bank state-owned, Stuff reported.
