ANZ has announced the completion of the sale of its Retail, Commercial and SME business to Kina Bank.
In a statement today, ANZ PNG Country Head, Mark Baker, announced this development, which now allows ANZ to focus solely on Institutional and Large Corporate banking in the country.
“We’re delighted the transfer of our Retail, SME and Commercial banking businesses to Kina Bank has been successful. We have worked closely with the Kina team for almost 18 months to ensure it was as seamless as possible and we thank our customers for their patience.”
“ANZ has operated in PNG for 109 years and we’re committed to continuing to build a world-class Institutional and Large Corporate banking business here. The sale aligns to ANZ’s strategy of simplifying our business to focus on trade and capital flows from our home market of Australia and into the region,” Mr Baker said.
“The economic outlook for PNG is strong, and as a partner in its long-term development, we look forward to helping the country realise more of its potential. We see significant long-term investment opportunities and growth in resources, energy, infrastructure and agriculture sectors.
“Kina Bank has significant and exciting growth ambitions for its business, which will strengthen the local financial market in PNG and make it more competitive,” Mr Baker added.
ANZ will also continue to support economic growth and sustainable development in PNG through its financial literacy program MoneyMinded, which has trained more than 12,000 people since 2010.The transfer to Kina Bank included 15 branches, 72 ATMs and more than 1000 EFTPOS machines, as well as ongoing roles for ANZ staff.