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Kina approves acquisition of Westpac PNG and Westpac Fiji

 The shareholders of Kina Securities Limited (KSL) have overwhelmingly voted in favor of  the acquisition of Westpac PNG and Westpac Fiji by Kina Bank at a General  Meeting held yesterday in Port Moresby.

Chief Executive Officer, Greg Pawson, said it was a great show of confidence by the shareholders.

Mr Pawson said after the proposed acquisition, there will be a newly branded bank, independent and separate from the existing Kina Bank brand and it will compete directly with all commercial banks in Fiji and PNG, including Kina Bank.

He said it really is a positive story and a great outcome for customers from a service and  product perspective because creating a brand-new bank means there will be more customer choice, more competition and more innovation.

A major benefit of this proposed acquisition is it will pave the way for local investors to  participate through equity raising and will further provide opportunities for PNG investors to  be part of an ASX/PNGX listed company, joining many local PNG investors such as Comrade Trustee Services Limited and MRDC.

FM100/ PNG Today

Picture by Destination PNG

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