Kiwibank today announced it has reached agreementto purchase a 51 per cent share holding in the New ZealandHome Loan Company Limited (NZHL). Kiwibank Chief ExecutiveSam Knowles said purchase of the shares will be completed inJune this year when the price will be determined. It isexpected to be about $8 million.

NZHL is a privatelyowned New Zealand company and has been operating in theresidential home loan market for 10 years. It currently hascustomers with about $1.7 billion of home loans.

MrKnowles said the acquisition of the shareholding wasimportant for Kiwibank as it continues to build its share inthe competitive home loan market.

"NZHL has a provenreputation in the home loan market. We will continue tosupport NZHL operating as a separate trading entity. Thisenables the bank to reach a broader section of the marketwith loan structures, credit criteria and rates that willcomplement the Kiwibank loan range.

"NZHL specialises inhelping households to better manage their money through aunique system built on a transactional mortgage facility andalso offers a comprehensive risk management service. Itoperates through a franchise model with 30 independentlyowned branches operating nationwide."

Chief ExecutiveJohn Erkkila will continue to manage the company, NeilRichardson will continue as Chairman and Kiwibank will berepresented on the board. Mr Erkkila said that therelationship with Kiwibank allowed NZHL to more aggressivelypursue its vision of reducing household debt for NewZealanders. He said it will be business as usual forexisting clients.

Mr Knowles said that there would be nochanges to existing loans, however for the future NZHL willnow look to Kiwibank as its funding source.

The purchaseof the shareholding in NZHL has been approved by the boardsof Kiwibank and New Zealand Post. The purchase will requireadditional capital investment in Kiwibank to maintainReserve Bank requirements. This capital will be provided byNew Zealand Post.

ENDS

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