The NZ taxpayer is taking full control of Kiwibank in a transaction that will see the Government buying out existing owners NZ Post, NZ Super Fund and ACC - a deal that values the Kiwibank parent company at about $2.1 billion. A shuffle of the shareholding of Kiwibank's parent company Kiwi Group Holdings (KGH) has been looming since early this year. Kiwibank and NZ Home Loans will continue to operate independently and "at arm’s length from the Government", Robertson said. This is the Statement from Grant Robertson:The Government has acquired 100 percent of Kiwibank’s parent company, Kiwi Group Holdings (KGH), ensuring the bank remains fully Kiwi-owned. NZ Super Fund Chief Executive Matt Whineray said the Crown’s offer presented a fair and attractive opportunity for NZ Super Fund to realise its six-year investment in the company.

Source: New Zealand Herald August 21, 2022 23:58 UTC