Kiwi Wealth sale proceeds to bolster Kiwibank’s growth goals

(Image: Kiwibank)

Tue, 01 Aug 2023

Kiwi Group Capital has tipped $225 million into Kiwibank to bolster the government-owned lender’s growth plans. The equity injection makes up more than two-thirds of the $310m reaped from the sale of fund manager Kiwi Wealth to Fisher Funds and adds to Kiwibank’s $737m of fully-paid share capital. Kiwibank’s total common equity tier 1 capital was $1.79 billion as at Dec 31, or a ratio of 10.4% of risk-weighted exposure, the lowest among 15 licensed banks on the Reserve Bank’s financial strength dashboard. ...

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