Process followed: ICCC

THE Independent Consumer and Competition Commission (ICCC) says it has been approached by Kina Bank and Westpac for consultation on the sale of Westpac.
It said in a statement that the two parties had indicated that proper processes under the Independent Consumer and Competition Commission Act (2002) would be followed.
“We wishes to inform stakeholders and the general public that relevant parties to this proposed sale, Kina Bank and Westpac PNG, have approached the ICCC for consultations,” it said in a statement.
“The ICCC has received verbal undertaking from the parties that they will go through the relevant processes required under the Independent Consumer and Competition Commission Act, (2002) to seek ICCC’s approval before completing the proposed transaction.
ICCC commissioner and chief executive officer Paulus Ain said the commission was aware of the proposed deal and was awaiting the parties to submit a clearance application to start the process required under the ICCC Act.
“I am urging the public and key stakeholders to be part of the public consultation process and make submissions or comments when the ICCC calls for comments on the clearance application,” he said.
Kina Bank buying of Westpac PNG and Fiji will cost up to AU$420 million (K1.1bil).
It made an initial 10 per cent deposit of AU$42million (K110mil) with the remainder of the balance be paid once the acquisition was completed which was expected to be done next Sept 30. Westpac said it was selling its Pacific business operations to focus on its consumer, business and institutional banking in Australia and New Zealand.