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Kiwibank-BNZ takeover talk grows

Kiwibank is lining up a multibillion dollar takeover of big four bank BNZ, according to reports.

Friday, January 24th 2020, 9:03AM 1 Comment

The state-backed bank is considering buying its larger rival in a deal that could be worth $12 billion, Stuff reported this morning. 

According to reports, "negotiations are under way" for Kiwibank to take over BNZ from its parent, National Australia Bank. According to the report, BNZ could fetch between $10 billion and $14 billion.

Merger talk has intensified throughout the week, but neither bank has commented on the rumours.

An acquisition is viewed as a way for Kiwibank, led by Steve Jurkovich (pictured) to jump into the top bracket of New Zealand banks.

Under its current ownership structure, analysts believe Kiwibank's growth prospects are limited. 

A deal would radically reshape the NZ banking landscape and require significant funding from Kiwibank's owners, ACC and NZ Super Fund. Analysts believe a merged Kiwibank and BNZ could enter the NZX50 under a new structure.

At the moment, Kiwibank has less than 5% of the New Zealand market. The big four still have 86.4% of total assets in the New Zealand banking sector, with Kiwibank holding a 4.1% share, according to the Banking Ombudsman Scheme's latest annual report.

 

Tags: BNZ Kiwibank

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Comments from our readers

On 27 January 2020 at 9:06 am mikecoad8 said:
Rather ironic as the New Zealand Govenment had a controlling shareholding which it sold

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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