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