Bank aims to open branches

KINA Bank says its proposed acquisition of Westpac Pacific’s business will enable it to open more of its branches around the country.
“At Kina we have a strong commitment to supporting all regions of Papua New Guinea in their development,” the bank said in statement.
“We have had requests to establish our presence in Bougainville and it is something we have been considering closely. Our proposed acquisition of Westpac’s Pacific businesses would provide us with the opportunity to expand our branch network across the country, opening more branches and allowing us to serve more communities. We have been watching the developments in Bougainville with great interest and we’re exploring the opportunities for our business to participate, as PNG’s most diversified financial services provider.”
The bank is in the process of purchasing Westpac Pacific’s PNG and Fiji operations. It entered into sale and purchase agreements (definitive agreements) to acquire 89.91 per cent of the banking operations in PNG and 100 per cent of Fiji scheduled to be completed by Sept 30 at a cost of up to AUS$420 million (K1.1bil).
The bank has already made an initial deposit of AUS$42 million (K117.47 million) and upon the execution of the definitive agreements to complete the balance when the acquisition is completed.
Chief executive officer Greg Pawson previously told The National that the acquisition was different to the one with the ANZ Bank.