The New Zealand Government plans to support Kiwibank’s growth and has given approval for Kiwi Group Capital, Kiwibank’s parent company, to raise up to $500 million in capital by 30 June 2026.The objective is to strengthen Kiwibank’s ability to compete with the major Australian-owned banks.

The current Chair, Jon Hartley is stepping down when his current term ends on 29 November 2025 and the Kiwi Group Capital Board was seeking to appoint an experienced governance professional with the profile and experience to represent Kiwibank at this critical stage of its growth.

Susan Peterson is an experienced non-executive director and business leader who currently chairs Vista Group Limited and serves as an independent director on the boards of Xero and Mercury NZ. She brings governance expertise across technology, finance, and infrastructure sectors, with a particular focus on growth through innovation, customer solutions, and organisational culture.

Her previous board roles include ASB Bank, Trustpower, Property for Industry, and The New Zealand Merino Company. She is also a trustee of Global Women and has served on the New Zealand Markets Disciplinary Tribunal.

Susan brings governance experience across NZX and ASX-listed and private companies, with a background in leading significant corporate transactions and working within complex regulatory and political settings. This equips her to provide informed and steady leadership as Kiwibank enters its next stage of development.

Kiwibank is a New Zealand-owned bank offering personal, business, and investment banking services, with a focus on supporting local communities and sustainable growth.

Founded in 2002, Kiwibank is now the country’s largest locally owned bank, serving over one million customers. It operates as part of Kiwi Group Capital, a government-owned entity, and aims to keep profits within New Zealand to benefit the national economy.
The full announcement can be read here