April 28, 2014 / 12:55 AM / in 4 years

NZ's Kiwibank Ltd looking at NZ$100 mln issue

WELLINGTON, April 28 (Reuters) - New Zealand state-owned bank Kiwibank Ltd is looking to raise NZ$100 million ($86 million) through a bond issue to beef up its balance sheet to meet banking capital standards.

The bank would use a subsidiary to raise the funds through a public issue of capital notes, which would be invested in the bonds.

The issue, which is being joint-managed by Deutsche Craigs and Forsyth Barr, is part of the bank’s move to comply with central bank-imposed capital requirements.

Kiwibank, established in 2002, is owned by the state mail operator New Zealand Post. It has around a 10 percent share of the retail banking market.

$1 = 1.1647 New Zealand Dollars Reporting by Gyles Beckford; Editing by Eric Meijer

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