PRESS RELEASE - Grey Power Policy Kiwi Bank

Grey Power New Zealand Federation acknowledges it is desirable for Kiwi Bank to enlarge its capital base in order to expand its business.

For that reason Grey Power supports in principal a partial share float to which only New Zealand citizens or corporations are eligible to subscribe.

Grey Powers support is conditional upon Government retaining a 60% majority shareholding in perpetuity.

Grey Power would like to see a portion of the share float reserved for existing Kiwi Bank account holders and with a cornerstone shareholding of 5% by the New Zealand Super Fund.

Les Howard
National President
Grey Power Federation NZ Inc

ENDS

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