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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →National finance spokesperson Nicola Willis says the party would revisit local private investment in Kiwibank if re-elected. That is a prospective political position, not a live capital raise or a commitment to repeat the earlier proposal. National has not yet set out the amount, eligible investors, timing or transaction structure.
What National is proposing
In comments reported by 1News on 2 October 2026, Willis said National remained interested in working with Kiwibank on future growth capital. She described the idea as a way for the bank to grow while allowing New Zealand investors to share in that growth: “I think that that is actually a great path for Kiwibank, because that way it’s benefiting not only its banking customers, which increasingly are Kiwi businesses, but it’s also allowing New Zealand investors to get the upside of its growth.” (1News/RNZ)
Willis said National would provide more detail during the election campaign. The report does not specify a new fundraising plan, amount, investor list, timetable or terms. The proposal would depend on the election outcome and any later policy decisions.
How the earlier $500 million proposal unfolded
| Date | What happened |
|---|---|
| 30 July 2025 | Cabinet approved Kiwi Group Capital (KGC), Kiwibank’s parent, to proceed with a potential capital raise of up to NZ$500 million from New Zealand investors. The proposal still required final approval of terms and conditions by shareholding ministers and was expected before 30 June 2026. (Beehive; Treasury) |
| December 2025 | KGC discontinued the outside-investor raise. Treasury later said changes to Reserve Bank capital settings meant Kiwibank had enough capital for medium-term lending growth; KGC would assess longer-term growth-capital options. (Treasury, May 2026 cabinet-paper summary) |
| May 2026 | Treasury’s cabinet-paper summary set out the changed medium-term outlook and KGC’s consideration of longer-term alternatives. (Treasury) |
| 2 October 2026 | Willis said National would revisit local private capital for Kiwibank if re-elected, with more to come during the campaign. (1News/RNZ) |
The 2025 proposal was for a private placement, not a completed sale. Its eligible participants were New Zealand KiwiSaver funds, New Zealand investment institutions and New Zealand professional investors. Those categories were attached to the previous proposal; they are not confirmed terms for any future National plan.
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What the proposed raise was meant to fund
When announcing the 2025 proposal, then-Finance Minister Nicola Willis said government advice was that an additional NZ$500 million could support up to NZ$4 billion of business lending or NZ$10 billion of home lending. These were conditional estimates of potential lending capacity associated with the proposed capital, not lending already enabled by a completed raise. (Beehive)
Willis called the proposed raise “the first step towards giving Kiwibank access to the capital it needs to truly compete with the big four Aussie banks while retaining its intrinsic New Zealand identity.” The proposal was later discontinued. (Beehive)
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Private investment, New Zealand ownership and government control are different
Kiwibank sits within Kiwi Group Capital, which is government-owned and includes Kiwibank and New Zealand Home Loans. KGC is a Public Finance Act Schedule 4A company, and its board is accountable to the Finance and State-Owned Enterprises ministers. (Kiwibank)
The 2025 proposal was presented as a way to bring in private investment while keeping Kiwibank 100% New Zealand-owned. That does not mean government ownership would remain at 100%: outside investment would dilute the Crown’s stake. The government’s July 2025 announcement described safeguards including at least 51% government ownership of KGC for the foreseeable future, a Crown-held Kiwi Share, a majority of KGC directors normally resident in New Zealand, and Kiwibank retaining its principal place of business in New Zealand. (Beehive)
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Willis has referred to constitutional protections and a Kiwi Share model, but the October 2026 report does not establish the exact structure a future National government would choose. She said: “It would require the New Zealand government to have specified things in the Kiwibank constitution that guarantee that it remains a Kiwi bank. And these are not unusual arrangements. Of course, we have a Kiwi share in Air New Zealand and other entities that requires particular things of that entity, to keep its New Zealand ownership and character clear.” (1News/RNZ)
A separate $225 million investment should not be confused with the proposed raise
KGC made a separate NZ$225 million common-equity subscription in Kiwibank on 31 July 2025, which Kiwibank said was funded from Kiwi Wealth sale proceeds. That was an injection by Kiwibank’s parent, not money raised from the outside investors contemplated in the discontinued proposal. (Kiwibank)
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Investor exit terms remain an open question
1News reported that some local institutions had raised concerns about how they could obtain a fair price if they wanted to exit an investment. The report provides no terms that would resolve that concern, such as a defined exit process or valuation method. It also reported that Labour and New Zealand First had opposed partial-sale arrangements. These are positions and concerns reported in the political debate, not evidence of a settled structure for any future proposal. (1News/RNZ)
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