Two new directors of Kiwibank parent company appointed

Mr McLean has been appointed as Chair and Sir Brian as a director from 22 November, both for terms of three years.

David McLean and Sir Brian Roche have been appointed as the first two directors of the newly incorporated Kiwi Group Capital Limited (KCG), the parent company of Kiwibank.

In August, the Government acquired 100 percent of Kiwi Group Holdings, which also operates New Zealand Home Loans, from NZ Post, ACC and the NZ Super Fund, ensuring the bank remained fully in New Zealand ownership. The Reserve Bank approved the transaction on Monday.

Mr McLean has been appointed as Chair and Sir Brian as a director from 22 November, both for terms of three years.

"KGC is in very good hands with David and Sir Brian, who collectively bring a wealth of governance and leadership experience to support the Government's goal of Kiwibank being a genuine competitor in the banking sector and offer a viable and competitive alternative for New Zealanders," Grant Robertson said.

"With more than two decades in banking, David brings his deep knowledge of the sector, senior leadership experience, strategic thinking and risk management to the Board. Sir Brian has over 30 years' experience in the establishment and operation of organisations and brings expertise in aligning competing interests with a strong focus on customer experience and service offerings as well as a strong focus on shareholder value.

"I will appoint more directors in the near future with a view to board composition that is diverse and has a mix of skills required to fulfil its duties," Grant Robertson said.

KGC will be a 100 percent Crown-owned company listed under Schedule 4A of the Public Finance Act 1989. It will be subject to the Companies Act 1993 and relevant provisions of the Crown Entities Act 2004.

(With Inputs from New Zealand Government Press Release)