The New Zealand Superannuation Fund and the Accident Compensation Corp today announced 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. Malloy is currently on the boards of Television New Zealand, the Halberg Trust, the Graeme Dingle Foundation and St Peter's College Auckland while 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 per cent stake in Kiwi Group Holdings, while ACC paid $231m for a 22 per cent stake. The deal valued the lender at around $1.05b.
Kiwi Group Holdings produced a net profit of $131m in the year to June 2016.
