NZ Post keeps $400m of Kiwibank sale proceeds

Kiwibank advocate Jim Anderton. (Image: NZME)

Thu, 22 Dec 2022

NZ Post will keep $400 million of the $1.087 billion the government paid for its share of Kiwi Group Holdings, the owner of Kiwibank.The retention would help capitalise the postal service, which had contended with shrinking mail delivery by expanding its parcel business. NZ Post chief executive David Walsh told BusinessDesk this month that the money would probably be used to grow the parcel business. The remaining $687m would go to the government as a fully imputed cash dividend.The government paid the three Kiwi Group sharehol...

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