Critics of the sale of Kiwibank to the New Zealand Superannuation Fund stress that it may not prevent the bank from going into the hands of a foreign bank.

New Zealand Superannuation Fund pointed that it was looking at acquisition of rural land, state-owned enterprises, smaller high-growth companies and Kiwi businesses. This was revealed by Adrian Orr, Head of New Zealand Superannuation Fund. He stressed that they are looking and scouting aggressively for acquisitions in the New Zealand market.

Finance Minister Bill English had earlier raised the possibility of selling the bank to aid the growth process. New Zealand Prime Minister had earlier stressed that there are no plans to sell state owned assets. But a change in the policy is likely in the coming days.

The PM maintained that the Government will still hold the majority stake in the bank. Many feel that eventually the bank may land into the hands of foreign owners or stakeholders.

Some experts point that it would be better if the ban is allowed to retain profits to build up necessary capital reserves. It will help the bank to break into business banking for medium and large businesses.

People in New Zealand were able to save a lot of money as the bank drove down interest rates in the market. Experts feel that more clarity is needed from the Government on its plans for the banking sector.