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.
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.
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.
Sign the petition
We call on House of Representatives to urge the Government to retain 100-percent ownership of Kiwibank.