Bank to have new name: Pawson

Business

KINA Bank says if the proposed acquisition of Westpac’s Pacific business is approved, the new bank will have a new name and be separate from Kina to improve competition in the banking sector and customer choice.
Chief executive officer Greg Pawson said that Kina’s strategy was to create a newly-branded bank for the country, independent and separate from Kina Bank that would disrupt the banking sector in a positive way.
“Our intention is to maintain the independent commercial banking licence of Westpac PNG,” Pawson said in a statement.
“The newly-branded bank will have a new name and be separate from Kina Bank – and it will be governed by an independent PNG-based board of directors.”
Pawson said the new bank would compete directly and vigorously with Bank South Pacific, ANZ and Kina Bank.
“It will be a great outcome for customers from a service and product perspective,” he said.
“Creating a new brand means there would be no lessening of competition and no prospect of a duopoly or market dominance.”
Pawson noted that would also be significant opportunity for anyone in PNG to invest and participate in the ownership of it through Kina Securities.
“The proposed acquisition of Westpac’s Pacific businesses will also pave the way for local investors to participate in ownership of it through an equity raising.
“Anyone can buy shares in the newly-branded bank through Kina Securities Limited.
“It’s a great opportunity for anyone in Papua New Guinea who wants to be part of Kina’s growth and success.”
Last November, Kina completed an equity raising to expand the capital base of the bank, enabling it to pursue the acquisition of Westpac’s Pacific businesses.
Kina’s proposed acquisition of Westpac PNG and Westpac Fiji is subject to regulatory approval in both jurisdictions.

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