Kina committed as integration nears completion

KINA Bank’s integration with ANZ Bank’s retail, commercial and small to medium enterprise businesses in the country is expected to be completed in September.
As part of this process, Kina Bank’s Lae branch relocated from the ground floor of Nasfund Haus to ANZ Top Town branch on Monday.

*Kina Bank teller Angela Tau serving a customer during Kina Bank’s first day of operation at its Top Town branch in Lae.*

The Independent Consumer and Competition Commission also granted the clearance to Kina Bank to proceed with the proposed acquisition of the retail, commercial and small and medium enterprise (SME) businesses of ANZ Bank in April.
Kina Bank chief executive officer Greg Pawson recently said given the full regulatory approval, they were looking forward to ANZ customers joining them. “We are financially strong and committed to taking banking to the next level in Papua New Guinea,” he said.
“As well as becoming the second largest retail bank in the country with a national branch, electronic funds transfer at point of sale (Eftpos) and automated teller machine (ATM) network, Kina Bank is the largest fund administrator.
“We service more than 700,000 beneficiaries whose funds total approximately K12 billion.
“We’re the leading stockbroking company in PNG, transacting a substantial percentage of trades on the Port Moresby Stock Exchange.
“We are the largest wealth management business with over K7 billion of funds under management.
“Proudly home-grown, we operate to the highest international compliance standards laid down by the Bank of PNG, the Australian Securities Exchange and other international financial legislation which is essential for our registry of international shareholders and correspondent banking relationships.”

*A customer being served at the new Kina Bank branch in Lae.*

Pawson said the company’s 2018 annual report showed the integration team was delivering an ambitious project that was on track for completion in September, when more than 300 staff and 120,000 customers would transition to Kina Bank.
He said the bank’s customer numbers grew by 25 per cent to almost 21,000 last year, deposits grew by 29 per cent to K1.3 billion, loans and advances grew by 20 per cent to K851.7 million.