Kina Bank buying chunk of ANZ for K24.2 million

Business

The Kina Bank is buying ANZ’s retail and commercial/SME banking business in the country for K24.2 million (A$10 million).
According to the Kina Securities Ltd subsidiary, acquiring ANZ would increase its lending market share to 8.8 per cent from 5.8 per cent.
Kina chief executive Greg Pawson said the acquisition was a great development for the group and for Kina Bank.
“The customers of ANZ Papua New Guinea’s business will benefit from this transaction,” Pawson said.
“One day there will be no change to their offering.”
The acquisition is expected to be completed in the third quarter of next year.
Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby stock exchanges. The transaction remains subject to final regulatory approval from the Bank of Papua New Guinea.
The sale includes all 15 ANZ branches and ongoing roles for all relevant staff in PNG.
The acquisition would see Kina Bank acquiring ANZ’s 15 retail branch premises, 72 ATMs and more than 1800 Eftpos terminals across the country.
Subsequently increasing Kina’s footprint to 21 branches, 82 ATMs and more than 1800 Eftpos terminals.
The migration of customers and the transfer of operations would occur soon after Kina Bank becomes operationally ready to conduct businesses on its own systems and premises (including the acquired branches). Kina Bank, formerly the Maybank was acquired by the Kina Group in May 2015, for K319 million-plus.

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