Winston Peters calls for Kiwibank overhaul

The deputy prime minister, speaking at this weekend's NZ First Conference, revealed he wants to change the ownership structure of the state-owned lender to help it challenge the Australian-owned major banks.

Peters launched an attack on overseas-headquartered banks, blaming the dominant big four for poor conduct standards.

"Foreign-owned banks have been allowed to gouge the New Zealand market," Peters said. "We think that only by seriously bolstering Kiwibank will that bank be able to increase its competitiveness and help moderate cost and conduct in the wider banking sector."

Peters said his party's return in 2020, with "an increased share of the vote", would focus on "the transformation of our economy".

The deputy PM slammed Kiwibank's leadership and called for the bank to improve standards industry-wide.

"The current ownership structure of Kiwibank is not optimal and its leadership has been lacklustre. New Zealand First wants to see it transform into a leading light in a sector blighted by corporate greed," Peters added.