Kina Bank finances Aust lender

PAPUA New Guinea-based Kina Securities Limited, through its digital Kina Bank portfolio, last month played a huge role in the acquisition of an Australian online mortgage broker.
Queensland-based Mortgage Mart of Australia, a mortgage manager with a loan portfolio exceeding A$1 billion (K2.4 billion), was snapped up by fellow Queensland digital lender WLTH in a deal worth more than A$10 million (about K24.3 million), through a Kina Bank funding.
According to Kina financial technology advisors Dentons, “the funding by Kina Bank facilitated WLTH’s acquisition of Mortgage Mart of Australia”.
Kina Bank is listed on the PNG and Australian stock exchange markets.
In a statement, the Dentons team, led by corporate partner Kym Livesley, said Kina’s investment in WLTH’s acquisition would benefit its customers and stakeholders, further strengthening its position in PNG and the wider region.
“We are delighted to have worked with Kina Bank,” she said.
“It continues our important long-standing working relationship and is another example of our highly-involved PNG-experienced Australian practice,” Livesly said.
She added that the transaction highlights Dentons’ commitment to providing exceptional debt and equity financing, and merger and acquisition legal services to clients in the banking and finance sector.