by Michelle Bird – EM TV News, Port Moresby
After a three month process, the Kina Group successfully completed their transaction of the Maybank acquisition this Wednesday costing a total of K353 million.
This makes the new ‘Kina Bank’ the fourth largest commercial bank in PNG.
Bank of Papua New Guinea Governor, Loi Bakani, made the announcement with Maybank Regional Director, Hazri Rohilio Hood, and Kina Security CEO Syd Yates, both present for the event.
CEO of Kina Securities, Syd Yates, confirmed that all seven of the Kina Finance branches around the country will be converted into operating commercial banks and will introduce new products and services over time.
This will now allow existing Kina Finance and Maybank customers to open bank accounts with the Kina Bank and have access to the complete range of products and services.