Kina Bank’s ANZ deal gets the OK

KINA Bank was given regulatory approval to aquire ANZ PNG’s retail, SME and commercial businesses, after the Independent Consumer and Competition Commission (ICCC) announced its determination last Wednesday to approve the transaction.
“A healthy economy requires a healthy banking sector. Kina Bank’s proposed transformative acquisition of ANZ PNG’s retail, SME and commercial businesses will strengthen the PNG financial services sector,” said chief executive Greg Pawson.
“It provides Kina Bank with an extended national footprint and an enhanced capability that will provide PNG with two very strong domestic retail banks, giving customers a better alternative and real choice.” The acquisition aligns with Kina Bank’s current strategy of targeted customer segments and differentiated customer service.
The integration programme aims to be completed in September and will result in a significant upgrade of Kina Bank’s infrastructure, core capability, and the introduction of innovative new digital products and channel offers.