By Meriba Tulo – EMTV News, Port Moresby
Kina Bank has been given full regulatory approval to acquire ANZ PNG’s Retail, SME and Commercial businesses. This follows a determination by the Independent Consumer Competition Commission (ICCC) mid-this week.
In a statement released late this afternoon, Kina Bank CEO, Greg Pawson, said the deal would strengthen the PNG financial services sector, and provide Kina Bank with an extended national footprint and an enhanced capability, giving customers a better alternative and real choice. He further added the integration program aims to be completed in September this year, resulting in a significant upgrade of Kina Bank’s infrastructure, core capability, and the introduction of innovative new digital products and channel offers.
Close to 90% of ANZ staff have signed to transition and will be bringing close to 60 jobs back to PNG to complete the transaction by the end of September.