New Zealand Government to Fully Acquire Kiwibank for NZ$2.1 Billion

Deputy Prime Minister Grant Robertson speaks to media during a post cabinet press conference at Parliament on November 09, 2020 in Wellington, New Zealand. Hagen Hopkins/Getty Images

The New Zealand (NZ) government has agreed to acquire 100 percent of Kiwi Group Holdings (KGH), the owner of Kiwibank, for $2.1 billion (US$1.3 billion).

KGH has operated under three Crown-owned entities—NZ Post, the Accident Compensation Corporation (ACC), and the NZ Super Fund.