Date set for ANZ, Kina transfer

Business
ANZ will transfer its bank retails, commercials and small to medium enterprises businesses to Kina bank soon. Below, ANZ answers questions raised by its retail customers.

THE transfer of ANZ bank’s retail, commercial and small-to-medium enterprises (SMEs) businesses will take effect from 12am on Monday, Sept 23, subject to the successful migration between ANZ and Kina Bank.
According to a statement from ANZ, from the effective time, one would become a customer of Kina Bank and any accounts, deposits, loans and other banking arrangements they hold with ANZ (together referred to as “banking services”) would be transferred to Kina Bank.
“At the same time, your relevant information will be shared with Kina Bank,” the ANZ statement said.
This transaction follows an agreement by ANZ bank to sell its retail, commercial and SME banking businesses to Kina Bank last June, to allow it to focus solely on institutional and large corporate banking in the PNG market.
The transaction received regulatory approvals from the Bank of PNG on Feb 26 and the PNG Independent Consumer and Competition Commission on March 27.
The sale includes all 15 ANZ branches, the entire automated teller machines (ATM) network and ongoing roles for those who currently support the retail, commercial and SME banking businesses.
Below are frequently asked questions for retail banking customers.
It sets out in detail all the banking products that will move across to Kina Bank on the completion of the sale, which is scheduled to take place on Sept 23.

1. What will happen to my deposit account with ANZ after the transfer to Kina Bank?
All accounts will automatically migrate to Kina Bank upon completion of the sale, which is currently scheduled for Monday, Sept 23, 2019.
This means all deposits you hold with ANZ will be transferred to new account(s) opened in your name with Kina Bank. From 3pm on Friday, Sept 23, you will no longer be able to access or transact on your accounts with ANZ.
From Monday, Sept 26 onwards, you will need to contact Kina Bank’s contact centre on 308 3800 or toll free 180 1525 or email kina@kinabank.com.pg if you have any queries relating to your bank account.

Kina Bank is set to take over ANZ retails, commercials and small-to-medium enterprises this month.

2. Do I have to open a new account with Kina Bank?
No. There is no action required from you as a customer.
All accounts will automatically migrate to Kina Bank as part of completion of the sale. Your new account at Kina Bank will be opened in the same name as your account with ANZ, with the same account number and your Access, debit and credit cards will continue to work.

3. Can I open a new account at ANZ before the transfer to Kina Bank?
You can open a new account with ANZ until Monday, Sept 9.
From this date, to assist with the smooth implementation of the transfer, ANZ will stop opening new accounts for customers and refer requests for new accounts to Kina Bank.

4. When the transfer to Kina Bank is complete, will my account number change?
No. Your account number will not change. You will continue to use the same account number at Kina Bank. The only change will be to your BSB (bank-state-branch) number, as Kina Bank has a different BSB to ANZ.

5. When the transfer to Kina Bank is complete, will my BSB number change?
Yes. Your BSB number will change. The table below shows you what your current ANZ BSB number is and what your new Kina Bank BSB number will be after the transfer.

6. Will my ANZ Access card work at a Kina ATM after the transfer to Kina Bank?
Yes. Your ANZ Access card will work at any Kina Bank ATM, as well as any other bank ATM, after the completion of the sale.
Your PIN number will not change.
In time, your card will be replaced by Kina Bank with a new Kina Bank branded card.

7. Will my ANZ Visa Debit card work after the transfer to Kina Bank?
Yes. In time, your card will be replaced by Kina Bank with a new Kina Bank branded Visa debit card.
For customers who have a Visa Debit card and will be travelling overseas on Friday, Sept 23, please contact our Call Centre team on 180 1022 to activate your Debit Card before you travel.
To ensure a smooth implementation of the transfer, ANZ will no longer accept new Debit Card applications from Monday, Sept 9. All new applications will be referred to Kina Bank.

8. Will my ANZ Visa credit card work after the transfer to Kina Bank?
Yes. Your ANZ Visa debit card will continue to work after the completion of sale.
After the completion of sale, all your credit card details and information, together with any outstanding interest, fees and changes due, will be transferred to Kina Bank.
At this time, all future repayments on your credit card will be made to Kina Bank.
In time, your card will be replaced with a new Kina Bank branded Visa Credit card. To ensure a smooth implementation of the transfer, from Sept 9 ANZ will no longer accept new credit card applications. All requests will be referred to Kina Bank.

9. I have an existing personal loan from ANZ. What will happen to my loan after the transfer to Kina Bank?
Your personal loan portfolio, documentation and security will automatically migrate to Kina Bank after the completion of the sale. All outstanding amounts on your loan, including any interest, fees and charges, will be transferred across to a new account in your name with Kina Bank.
If you have any queries after the completion of the sale you will need to contact Kina Bank’s contact centre on 308 3800 or toll free 180 1525 or email kina@kinabank.com.pg

10. I have an existing mortgage loan from ANZ. What will happen to my loan after the transfer to Kina Bank?
Your loan portfolio, which includes all documentation and your remaining balance, will automatically transfer to Kina Bank as part of completion of the sale.
All outstanding amounts on your loan, including any interest, fees and charges, will be transferred across to a new account in your name with Kina Bank.
To ensure a smooth transition from ANZ to Kina Bank, from Mon, July 15, ANZ stopped selling mortgage (home loans and RIPL) loans.
Any new requests will be referred to Kina Bank.

11. Will Kina Bank charge a new interest rate when my mortgage moves across?
No. Your interest rate on completion will remain the same as it was with ANZ immediately prior to completion.
Any changes after that time will be in accordance with the terms and conditions of your mortgage with Kina Bank.
Further details could be obtained from ANZ bank’s website.

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