Kiwibank was originally established in 2001 under NZ Post ownership. 47% was divested in 2016 with 25% being bought by the NZ Superfund and 22% by the Accident Compensation Corporation. One of the bank's subsidiaries was sold off in November with another, Kiwisaver provider Kiwi Wealth, already being assessed for sale by Goldman Sachs.

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A review of the bank's ownership has been instituted by Treasury using outside consultants, likely also Goldman Sachs. Finance Minister Grant Robertson has been non-committal about the intention of the review.

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It is possible that some or all of the bank could be sold off.

An overseas buyer would be the only possible entity with enough size to undertake such a purchase.
It is likely that would be another bank, either one of the American owned Australian banks already dominating NZ banking services or another overseas owned bank.