Treasury hires Goldman Sachs to run ruler over KiwiBank

Tuesday, 26 February 2013, 5:22 pm
Article: BusinessDesk

Treasury hires Goldman Sachs to run ruler over KiwiBank

Feb. 26 (BusinessDesk) – The Treasury hired Goldman Sachs to run the ruler over state-owned KiwiBank and its future capital needs.

A spokesman for the Treasury said the report has been completed but won’t be made public because the details are commercially sensitive.

Confirmation of the report comes a day after KiwiBank and parent New Zealand Post posted their first-half results, which showed banking propped up the barely profitable postal service, accounting for about 83 percent of the group’s earnings.

KiwiBank’s net profit rose 53 percent to $58 million as interest income gained 14 percent to $140 million.

Kiwibank chief executive Paul Brock yesterday told interest.co.nz that the lender wasn't yet generating enough profit internally to cover its ongoing capital needs. The website said funding could come from a sale of debt or equity, with one possibility being the sale of a stake via a sharemarket float.

(BusinessDesk)

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