Kiwibank Limited — Capital/Financing Update 2021

Jun 17, 2021

Kiwibank Limited Level 9, 20 Customhouse Quay, Private Bag 39888, Wellington 5045

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NZX Release

17 June 2021

Kiwibank confirms Transition Date for subordinated notes (ticker code KWB010)

Kiwibank issued $275m of subordinated notes on 11 December 2020 ( Notes ) which constitute Tier 2 Capital of Kiwibank for the purposes of the Reserve Bank of New Zealand’s ( RBNZ ) prudential requirements.

The Notes were issued in contemplation of changes being made to the RBNZ’s capital rules, under new Banking Prudential Requirements, coming into effect on a date to be confirmed (the Transition Date ). The terms of the Notes provide that the Notes may be written off if a NonViability Trigger Event occurs before the Transition Date, but the Notes cannot otherwise be written off.

The RBNZ has today published its new Banking Prudential Requirements which confirm that the revised eligibility criteria for Tier 2 capital will come into effect from 1 October 2021. Therefore the Transition Date is 1 October 2021.

Geoff Martin Head of Funding ENDS