Kina Bank finalising acquisition

By DALE LUMA

KINA Bank chief executive officer Greg Pawson says his bank’s proposed acquisition of Westpac PNG is now in first stage of a three-stage process where feedback and objections are received by the ICCC (Independent Consumer and Competition Commission).
Following a draft determination issued by ICCC last week, Pawson told The National that the bank anticipated a final decision by the consumer and competition watchdog by September.
He said the bank had already received approval by the Fiji Consumer and Competition Commission (FCCC) on its application to acquire Westpac Fiji.
The bank had announced its aspiration to acquire 89.91 per cent of shares of Westpac PNG and 100 per cent shares of Westpac Fiji.
With the approval already received for the bank to acquire Westpac Fiji by the Fijian consumer and competition watchdog, the ICCC had released a draft determination which states that the acquisition of Westpac PNG will not, or will not likely, have the effect of substantial lessening of competition in the relevant markets identified.
It also determined that the acquisition would not result in public benefits that outweigh detriments to the public.
“This is stage one in a three-stage process and is largely based on feedback and objections from several organisations invited by the ICCC to respond,” Pawson said.
“Stage two is a consultation session scheduled for Aug 11.
“Stage three is a final submission by Westpac and KSL (Kina Securities Ltd) due on Aug 20.
“We anticipate a final determination by the ICCC in September.”
Pawson said the BPNG (Bank of PNG) is still processing Kina Bank’s application and they had not received a response.