Does Kiwibank want us to think it’s already “a maverick”?

Kiwibank chief executive Steve Jurkovich. Source: Kiwibank.

Kiwibank appears intent on proving the Commerce Commission was both right and wrong!

ComCom’s view was give Kiwibank more capital and it would compete the socks off the big four Australian-owned banks, the group the ComCom called “a stable oligopoly.”

Except ComCom just didn’t accept that Kiwibank was already performing the role of “maverick” that ComCom has deemed so desirable.

So, I hope the boffins at the ComCom took a look at Kiwibank’s latest results that it reported on Thursday.

Finance minister Nicola Willis has expressed support for ComCom’s recommendation of making Kiwibank “a maverick” and is receptive to floating Kiwibank on NZX, but has said its transformation project needs to be completed first.

But Kiwibank is already demonstrating that it is putting the July 2023 infusion of $225 million (from the proceeds of selling Kiwi Wealth) in additional capital to good use.