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October 26, 2021
Business Featured News

ANZ Reaffirms Commitment to PNG

By Meriba Tulo – EMTV News, Port Moresby

On the back of the announcement by Kina Bank, the head of ANZ has also reaffirmed their commitment to Papua New Guinea.

Addressing the media last week Tuesday (June 26), ANZ PNG CEO, Mark Baker clarified that the deal to let go of their retail, commercial and SME banking business was part of a wider strategy of ANZ – which aims to focus more on Corporate clients in economies in the Asia-Pacific Region. Baker reiterated ANZ’s commitment to PNG, given the bank’s positive outlook for the country’s economy.

He said the deal with Kina Bank was not done in isolation, as it was part of the ANZ Group’s simplification strategy, while also supporting customers with trade and capital flows in the region.

The deal with Kina Bank would now see Kina taking over ANZ’s 15 branches, 72 ATMs and over 1,800 EFTPOS terminals. Mr Baker also assured employees of ANZ that there would be no job losses through the deal with Kina Bank – which would be a win-win for both banks.

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