David McLean and Sir Brian Roche have been appointed as the first two directors of the newly incorporated Kiwi Group Capital Limited (KCG), the parent company of Kiwibank.
In August, the Government acquired 100% of Kiwi Group Holdings, which also operates New Zealand Home Loans, from NZ Post, ACC and the NZ Super Fund, ensuring the bank remained fully in New Zealand ownership. The Reserve Bank approved the transaction on Monday.
Mr McLean has been appointed as Chair and Sir Brian as a director, both for terms of three years.
“KGC is in very good hands with David and Sir Brian, who collectively bring a wealth of governance and leadership experience to support the Government’s goal of Kiwibank being a genuine competitor in the banking sector and offer a viable and competitive alternative for New Zealanders,” said Finance Minister, Grant Robertson.
David McLean is currently also Chair of KiwiRail Holdings and NZ Railways Corporation, and is a member of the National Council for the Employment of Women. He is former Chief Executive of Westpac NZ, former Chair of the NZ Bankers Association, a member of the Prime Minister’s Business Advisory Council, Chair of the Institute of Finance Professionals NZ, and a member of the NZ Council for Infrastructure Development.
Sir Brian is the Chair of Waka Kotahi – New Zealand Transport Authority – and Antarctica New Zealand. He chaired the COVID-19 Independent Continuous Review, Improvement and Advice Group, and has over 30 years’ experience at executive, director and chair level in private business and the public sector, including as a former Chief Executive of New Zealand Post.
“With more than two decades in banking, David brings his deep knowledge of the sector, senior leadership experience, strategic thinking and risk management to the Board. Sir Brian has over 30 years’ experience in the establishment and operation of organisations and brings expertise in aligning competing interests with a strong focus on customer experience and service offerings as well as a strong focus on shareholder value,” said Mr Robertson.
“I will appoint more directors in the near future with a view to board composition that is diverse and has a mix of skills required to fulfil its duties,” he said.
KGC will be a 100% Crown-owned company listed under Schedule 4A of the Public Finance Act 1989. It will be subject to the Companies Act 1993 and relevant provisions of the Crown Entities Act 2004.