NZ Post, ACC and the NZ Super Fund owned Kiwibank. Credit: SCY from Pixabay.

The New Zealand government has acquired a 100% stake in Kiwi Group Holdings (KGH), which owns the consumer lender Kiwibank. 

The acquisition, which values KGH at NZ$2.1bn ($1.3bn), is aimed at ensuring that the bank remains 100% Kiwi-owned. 

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NZ Post, ACC and the NZ Super Fund owned Kiwibank, which also operates New Zealand Homes Loans. 

The government has transferred the lender’s assets to a newly incorporated entity Kiwi Group Capital (KGC) with a separate board.

According to the official statement by Finance Minister Grant Robertson, “an ongoing shareholding in Kiwibank did not fit NZ Post’s and ACC’s long-term strategic and investment plans.”

“NZ Super Fund had been interested in purchasing a majority holding in KGH, but withdrew its interest as it did not align with the government’s commitment to public and New Zealand ownership.”

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Upon the completion of the asset transfer, which is subject to approval from the banking regulator, Kiwibank and NZ Home Loans will continue to operate independently as usual.

Robertson said: “The new ownership structure simplifies our ability to fully support Kiwibank to meet its future potential.

“The government is fully committed to supporting Kiwibank to be a genuine competitor in the banking industry – ensuring the bank has access to capital to continue to grow on a commercially sustainable basis and offer a viable and competitive alternative for New Zealanders.”