ANZ bank to focus on large corporate banking and let Kina focus on retail

Business

THE ANZ bank says it will focus solely on institutional and large corporate banking in the Papua New Guinea market.
This followed its decision to sell its retail, commercial and small to medium-sized enterprise businesses in the country to the Kina Bank.
The sale transfer is expected to be completed next year.
The bank, in a statement to the stock market yesterday, said the decision was in line with its simplification strategy, while supporting customers with trade and capital flows in the region.
ANZ managing director, Institutional Australia, Graham Turley said: “We remain committed to running a world-class institutional and large corporate banking business in PNG, where we see great opportunities for growth. ANZ has been in this market uninterrupted for more than a century and we continue to have a positive outlook for the PNG economy.
“Our retail, commercial and SME operations in PNG are strong, successful businesses that will benefit from Kina Bank’s focus on retail banking.
“ANZ will continue to service multinational corporations and large corporates operating in PNG.”
The businesses being sold serve 85,000 retail and 6000 commercial and SME customers, and includes A$150 million (about K359) in lending assets and A$450 million (about K1078bil) in deposits.

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