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Delay in sale of Kiwibank stake

NZ NewswireNZ Newswire 23/06/2016

A proposed sale of a portion of NZ Post's stake in Kiwibank has been delayed as parties continue to go through the paperwork.

The struggling state-owned post operator in April announced it was looking to sell 45 per cent of its stake in the bank to the Superannuation Fund and ACC, although the deal had yet to be finalised.

In a statement on Friday, NZ Post said the sale was progressing, but more time was needed for processing.

"Due to the scale of the transaction more time is required to complete the due diligence process and transaction documentation," NZ Post said.

It did not provide a deadline but said parties were working to complete the work as soon as possible.

NZ Post is expected to get about $495 million from the sale.

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