NZ Super, ACC appoint Kiwibank directors
The NZ Super Fund appointed Auckland-based advertising and marketing specialist Kevin Malloy
Hot Topic
Infrastructure
The NZ Superannuation Fund and the Accident Compensation Corporation have made two appointments to the board of state-owned Kiwibank.
The NZ Super Fund appointed Auckland-based advertising and marketing specialist Kevin Malloy, while the ACC board appointed its own chief executive Scott Pickering to the board of state-owned lender Kiwibank. Mr Malloy is on the boards of Television New Zealand, the Halberg Trust, the Graeme Dingle Foundation and St Peter's College Auckland while Mr Pickering is a board member of Chubb Insurance in both New Zealand and Australia.
In October, the NZ Super Fund and ACC finalised their investments in Kiwi Group Holdings, the owner of Kiwibank. NZ Super has paid $263 million to take a 25% stake in Kiwi Group Holdings, while ACC paid $231 million for a 22% stake. The deal valued the lender at around $1.05 billion.
Kiwi Group Holdings produced a net profit of $131 million in the year to June 2016.
(BusinessDesk)
Rebecca Howard
Thu, 22 Dec 2016
Thu, 22 Dec 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ Super, ACC appoint Kiwibank directors
64068