Kiwibank eyes $250m sale of perpetual preference shares

Thu, 07 Oct 2021

Kiwibank is considering raising more capital by selling up to $250 million of perpetual preference shares to New Zealand investors.The perpetual preference shares will count as tier 1 capital.The bank expects to release more details soon but stressed no money is currently being sought.Kiwibank had the lowest tier 1 capital ratio at June 30 of all registered banks at 11.9% with common equity at 10.9%It had notified the market in June that its $150m of perpetual subordinated bonds, which are listed on NZX, would suffer a 12.5% reduction in the am...

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