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Photo: Supplied / Kiwibank
The government has announced this morning it is taking direct control of Kiwibank, buying the holding company which owns the bank from the Superannuation Fund, ACC, and NZ Post.
The Super Fund is being paid $527-million for its 25 percent stake.
The Super Fund's chief executive Matt Whineray says it considered buying some or all of NZ Post's stake but the government would not agree to having private money in Kiwibank nor give the Fund a free hand on whom it might sell its stake to.