Finance Minister Nicola Willis says she wants to look for external investors that could give Kiwibank enough capital to take on the big Australian banks. In a speech at the National Party conference on Saturday, the deputy party leader said she wanted the state-owned bank to grow into a disruptive competitor. Other options include selling a stake to Crown investment entities such as the NZ Super Fund or the Accident Compensation Corporation. Kiwibank’s parent company, Kiwi Group Holdings, was previously owned by the NZ Super Fund, ACC, and NZ Post. When the latter two wanted to sell their shares in 2022, the Super Fund offered to buy them.

Source: Stuff August 04, 2024 00:34 UTC