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Investment banking services for KGC
Details
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Tender Closed
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| RFx ID : | 30989806 |
| Tender Name : | Investment banking services for KGC |
| Reference # : |
20250131
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| Open Date : | Friday, 31 January 2025 3:00 PM (Pacific/Auckland UTC+13:00) |
| Close Date : | Friday, 21 February 2025 12:00 PM (Pacific/Auckland UTC+13:00) |
| Department/Business Unit : | The Treasury |
| Tender Type : | Request for Proposals (RFP) |
| Tender Coverage : | Sole Agency [?] |
| Categories : |
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| Regions: | N/A |
| Exemption Reason : | None |
| Required Pre-qualifications : | None |
| Contact : |
Hannah Simcock procurement@treasury.govt.nz |
| Alternate Physical Delivery Address : | procurement@treasury.govt.nz |
| Alternate Physical Fax Number : | |
| Agency Address : | |
Kiwibank was set up by New Zealand Post Limited, a State-owned Enterprise, in the early 2000s to provide a locally owned competitive alternative to the four large Australian-owned banks.
Having a strongly positioned local participant, such as Kiwibank, contributes to a dynamic marketplace and helps deliver better banking outcomes for NZ consumers. Although Kiwibank has grown materially over the past two decades and consistently outperformed overall system growth, it still has some catching up to do before it can have a material impact on the banking market.
To achieve the economies of scale necessary to compete and win against its larger peers, Kiwibank needs modern digital capabilities (which it is in the process of developing) as well as regular access to equity capital. These dynamics have been observed by the Commerce Commission in its personal banking market study (published August ’24) including a recommendation to provide Kiwibank with access to more capital.
Having evaluated multiple options, KGC considers that in the near-term, New Zealand private capital markets are the best source of this capital.
On the 9th of December 2024, Cabinet directed KGC and the Treasury to approach suitable New Zealand professional investor groups about a potential investment of up to $500 million in KGC.
This tender has been awarded.
- Macquarie Capital NZ - Level 13, PwC Tower, 15 Customs Street West, Auckland 1010, Auckland Central, Auckland, 1010, NEW ZEALAND
Award Date: Wednesday, 5 March 2025 (Pacific/Auckland UTC+13:00)
Date RFx was completed/updated: Monday, 5 May 2025 1:09 PM (Pacific/Auckland UTC+12:00)
