Kiwibank says it IT system revamp will cost significantly more than the $100m it originally forecast. The bank has already completed its payment engine revamp and will later this year complete the data migration phase for savings and transactions. But chief executive Paul Brock would not give a final figure on how much it would cost or when it would be completed by. Last year New Zealand Post sold 47 per cent of Kiwi Group Holdings, Kiwibank's parent company, to the New Zealand Superannuation fund and ACC. Kiwibank's parent company, Kiwi Group Holdings which includes KiwiSaver business Kiwi Wealth, Kiwi Insurance and mortgage broker NZ Home Loans as well as the bank, reported a net profit of $65m - down from $73m.

Source: New Zealand Herald February 19, 2017 21:33 UTC