Kina Bank takes control of ANZ PNG’s retail

Papua New Guinea's Kina Bank has been given full regulatory approval to acquire ANZ PNG’s retail, SME and commercial businesses by the ICCC after it announced its determination last week to approve the transaction.

“A healthy economy requires a healthy banking sector.

“Kina Bank’s proposed transformative acquisition of ANZ PNG’s retail, SME and commercial businesses will strengthen the PNG financial services sector.

“It provides Kina Bank with an extended national footprint and an enhanced capability that will provide PNG with two very strong domestic retail banks, giving customers a better alternative and real choice,” said Greg Pawson, CEO of Kina Bank.

Pawson said the acquisition aligns with Kina Bank’s current strategy of targeted customer segments and differentiated customer service.

He said the integration program aims to complete in September this year and will result in a significant upgrade of Kina Bank’s infrastructure, core capability, and the introduction of innovative new digital products and channel offers.

“Customers will be able to transact with us anytime, anyhow, anywhere. Simplicity, convenience and ease of access are the key themes being built into the program to ensure that there will be no disruption to the day-to-day banking for ANZ’s customers.
“Their existing cards will continue to work and customers will continue to have the same account numbers when they move to Kina Bank.

“We have also put considerable effort into strengthening our correspondent banking arrangements to offer faster and more efficient foreign exchange and international payments,” Pawson said.

“Now that we have the formal regulatory approvals to hand we can engage and communicate more with ANZ staff and customers.

“Close to 90 per cent of ANZ staff has signed to transition and we will be bringing close to 60 jobs back to PNG.

“This is to complete the transaction by the end of September this year.”
Kina Bank is a wholly owned subsidiary of Kina Securities Limited.

Established in PNG in 1985, the company acquired Maybank’s PNG operations in May, 2015 and dual listed on the ASX and POMSOX.

Founding shareholder FU SHAN Investments sold their entire stake in the company in June, 2018 and it was bought by a range of new and existing institutional and retail investors.

In addition to becoming the second largest retail bank in PNG, the company has a stock broking licence, and is the largest funds administration and investment management business in PNG.

SOURCE: POST COURIER/PACNEWS

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