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1News
7 hours ago
- 1News
Kiwibank greenlit to raise $500m capital to challenge big four banks
Kiwibank has been given the green light to raise up to $500 million in new capital, a move the Government says will help the New Zealand-owned bank better compete with the big four Australian-owned banks. Finance Minister Nicola Willis announced on Wednesday that, following a market-testing process, Cabinet had approved Kiwibank's parent company to raise up to $500 million of capital to fund the bank's growth. "Allowing Kiwibank to raise up to an additional $500 million is the first step towards giving Kiwibank access to the capital it needs to truly compete with the big four Aussie banks while retaining its intrinsic New Zealand identity." A Commerce Commission report released in August last year found the banking sector was "uncompetitive' and that the four big Australian-owned banks made high profits while Reserve Bank rules made it hard for smaller banks to challenge. Several recommendations were made, including to increase Kiwibank's capital funding. ADVERTISEMENT Willis said advice to the Government was that an additional $500 million of capital could support up to $4 billion of business lending or $10 billion in home lending. "To assess interest in Kiwibank, Kiwi Group Capital (KGC) engaged with New Zealand KiwiSaver funds, investment institutions and professional investor groups including Māori institutions." They advised her there was "sufficient interest" from professional New Zealand investors groups to proceed. While the capital raise is not a state asset sale—no Crown shares will be sold and all funds raised will go toward Kiwibank's future growth—Willis said a future government may consider a public listing of the bank but that this would not happen without an electoral mandate. The Government had also approved measures to safeguard the bank's New Zealand identity. These include: Maintaining at least 51% government ownership of KGC for the foreseeable future. Requiring a majority of KGC's directors to be normally resident in New Zealand. Ensuring Kiwibank retains its current name and principal place of business in New Zealand. Limiting any future foreign investors to a maximum of 20% ownership. Keeping Kiwibank's head office in New Zealand. ADVERTISEMENT KGC had until June 30, 2026 to complete a capital raise which would be subject to final approval of terms and conditions from shareholding Ministers. Kiwibank. (Source: Supplied) KGC chairperson David McLean said the Government had reaffirmed its commitment to supporting Kiwibank as a competitive, New Zealand-owned alternative to the large banks. "The capital raise process aims to provide Kiwibank with capital to continue its above market growth and enhance its competitive position while ensuring all funds raised are invested into New Zealand's future. There will be no return of capital to the Crown, and no changes for Kiwibank customers." Kiwibank chief executive Steve Jurkovich said the bank existed to challenge the status quo and disrupt the banking sector for the benefit of New Zealanders. "Delivering on our purpose of 'Kiwi making Kiwi better off' is what differentiates Kiwibank and drives our performance, and that is what we continue to be focused on. Any capital raise would be structured to ensure Kiwibank's continued role to improve services and pricing for consumers."
RNZ News
a day ago
- RNZ News
Study finds whānau businesses offer path to economic success for Māori
Professor of Māori Business Management at the University of Auckland Jason Mika. Photo: Supplied/William Chea/University of Auckland A new study has found that whānau-led businesses could be one of the most immediate ways to improve livelihoods within Māori communities. Published in the book Te Ahunga atu ki ngā Ōhanga Oranga Māori: Towards Māori Economies of Wellbeing , the study on whānau enterprise is co-authored by Professor Jason Mika and PhD candidate Xiaoliang Niu of He Manga Tauhokohoko, University of Auckland's Business School. Mika said for the purposes of the study a Māori-led business is a business that was owned and operated by Māori for the benefit of whānau, hapū or community. "These are the businesses that are formed by Mum and Dad teams, but actually end up roping in the extended whānau as either co-owners or employees." Mika (Tūhoe, Whakatōhea, Ngāti Awa, Ngāti Kahungunu ki te Wairoa) said what distinguishes these from other Māori-led businesses such as iwi authorities and large pan-tribal entities such as Sealord is first scale, they tend to be small- to medium-sized, and second they tend to be formed around using business to serve the needs of the whānau. These whānau enterprises offer a promising path towards economic success for Māori, he said. "One of the most immediate ways to improve livelihoods and wellbeing for whānau is what the whānau can do for themselves, through enterprise." The Māori Economies of Wellbeing research draws on case studies, interviews, and long-term engagement with Māori-led businesses. The investigation found that whānau enterprises demonstrate: One case study was Whangārei based company North Drill, whose work includes utility instillation, renewable energy instillation and drainage. But Mika said their mission was intergenerational wealth and wellbeing for their whānau and that extends to te Tai Tokerau in general. It also reinvested profits into collective goals like housing, education, and leadership development. "What they're really concerned about is providing opportunities particularly for rangatahi... you know school is not where they want to be or they've got abilities, they've got good values, they've got good ethics but are just looking for an opportunity," he said. Mika said North Drill was providing more than just employment to rangatahi but also education on financial literacy. "And in that way they are really concerned about how do they give back to their community." Mika said the goal was that young Māori could see a pathway in business once they left school, a path that ended not just with a job but with business ownership. He is calling for investors to recognise the potential of whānau businesses and said there were various organisations which were currently working to raise the investor profile of whānau businesses, so investors knew what they were looking at and what the opportunities were. "I think there's still a bit of a disconnect, I think the access to capital problem for whānau enterprise and Māori enterprise in general is still a challenge to be solved." Mika said whānau businesses had a point of difference, they could draw on mātauranga and Māori values to do business in a different manner. "One of the major things that sets the whānau enterprise apart is our identity as Māori, our values, our reo, our tikanga, kaupapa, mātauranga Māori. All of those are assets, they are cultural assets which whānau have available to them." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
a day ago
- RNZ News
Pay cuts on the cards for NZ netballers
New Zealand's best netballers may be turning to side hustles next season to make ends meet. Pay cuts for are on the cards in the ANZ premiership as the broadcast negotiations drag on. Sports reporter Jonty Dine spoke to Lisa Owen. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
