Capital-hungry Kiwibank cornerstone in NZ Post’s future

Thu, 31 Oct 2013

By Paul McBeth Nov. 1 (BusinessDesk) - Kiwibank, the country’s fifth biggest lender by assets, will play a key role in the future of New Zealand Post, which today announced it will cut its workforce by as much as a fifth as it contends with an “irreversible decline” in its traditional mail service. The Wellington-based state-owned enterprise is overhauling its structure as part of a five-year strategy which will see it cut staff numbers by between 1,500 and 2,000 over the next three years, scale back its direct ownership of outlets and redu...

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