The Retail banking sector in Papua New Guinea look set to change significantly in the near future with Kina Bank today announcing their acquisition of ANZ PNG’s Retail and commercial banking business.
In an announcement to the markets this morning, Kina Bank announced that they had entered into a binding Sale & Purchase Agreement to acquire ANZ PNG’s retail and commercial/SME banking business.
According to Kina Bank, the key terms of the transaction include Kina Bank will acquire the Business, comprising:
- Retail customer deposits and loans (including credit cards);
- Commercial/SME customer loans and deposits;
- ANZ PNG’s retail branch premises;
- Relevant employees; and
- ATMs and EFTPOS terminals (both in branch and standalone) used by ANZ PNG.
According to Kina CEO Greg Pawson, the acquisition is a great development for the group and for Kina Bank.
“Completing this acquisition represents a key component of our refreshed five-year strategic plan. The strength and capabilities that the acquisition will enable will allow us to better deliver on our purpose of empowering our customers and communities to have financial independence and security. Further, the acquisition reflects Kina’s aspirations to be a dynamic, progressive and accessible PNG financial services group.”
“The customers of ANZ PNG’s Business will benefit from this transaction. On day one there will be no change to their offering. Over the near future, their offering is expected to be enhanced as Kina continues to execute on its digital strategy. They will also experience Kina’s differentiated value for money proposition.”
The acquisition is expected to be completed during the third quarter of 2019.