Kiwibank is supportive of the Commerce Commission’s work on this study as it's aligned to Kiwibank’s own Purpose of Kiwi Making Kiwi Better Off. A key aspect of this purpose is ensuring that all Kiwi in Aotearoa have simple and easy access to the right personal banking services for them. A truly competitive market will work to ensure that outcome for all New Zealanders.
Steve Jurkovich, Kiwibank Chief Executive, said: “Kiwibank is up for the challenge of fulfilling the role of “maverick” and taking on the larger banks. That is what we have always done, this year better than ever, and that is key to making Kiwi better off. We remain very competitive on both lending and deposits and as a result more customers are joining Kiwibank and we continue to grow at a faster rate than our competitors.”
Responding to the Commission’s recommendation that the Government, as Kiwibank’s owner, should consider how to provide it with more access to capital, Mr Jurkovich said: “We’d welcome more access to capital over time to deliver on our Purpose. Our multi-year transformation will deliver more scalable systems that will mean we can further accelerate our current growth. That said, any decision around capital, and the sources of that capital, sits with our shareholder, Kiwi Group Capital (KGC), and the Crown as the 100% shareholder of KGC.”
Kiwibank will consider the report and the Government’s response to the report’s recommendations.
Media contact: Ben Mabon, Head of External Communications 027 288 3263.