The Australian reports that Macquarie Capital is on the hunt for a buyer for Kiwibank, with infrastructure investor Morrison, the NZ Super Fund and iwi investors on its list of potential purchasers.
This follows an announcement from Finance Minister Nicola Willis in December that the bank was seeking a capital injection of $500 million, ahead of a possible IPO, to enable Kiwibank to compete more vigorously with New Zealand’s Australian-owned banks.
The Australian says it also understands that JP Morgan and its New Zealand affiliate Craigs have won the role of advising the government on the sale.
As part of its mandate, Macquarie can sell only to a New Zealand-owned fund.
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