Kina Bank to expand its operations throughout PNG

The Kina Bank is expanding its operation after purchasing ANZ Bank’s retail and Commercial- SME banking business in PNG.

    The purchase will see the taking over of retail customer deposits and loans, commercial/ SME customer loans and deposits, Kina taking over ANZ retail branches and staffs plus ATMs as well.

The acquisition of the Business supports Kina’s strategic objectives to deliver greater value to customers and to develop a strong sustainable group said the CEO and Managing Director, Greg Pawson.

“Completing this acquisition represents a key component of our refresh five year strategic plan,” he said.

“Further, the acquisition reflects Kina’s aspirations to be dynamic, progressive and accessible PNG financial services group.”

Meantime, ANZ PNG customers will benefit as well from this transaction as there will be no changes to their offering.

“Over the near future, their offering is expected to be enhanced as Kina continues to execute on its digital strategy,” said the CEO.

“They will also experience Kina’s differentiated value for money proposition.”

Meanwhile, Kina Bank has added an additional 90, 000 customers to its retail service and 6, 000 customers for its commercial service after purchasing these services from ANZ bank.

This will see Kina bank put up some good competition in the banking business, challenging some top banks in the country.

Mr. Pawson said in addition to this, 350 staffs from ANZ in PNG will now be with Kina, and with the acquisition of ANZ assets as well, this will give the bank that competitive edge in the market as well.

"Kina taking over ANZ retail branches and staffs plus ATMs as well"

PNGFM/PNG Today /Press Release