September 26, 2019

ANZ official: Sale to Kina Bank complete

ANZ Bank has completed the sale of its retail, commercial and small-medium sized enterprise (SME) banking businesses in Papua New Guinea to Kina Bank.

This will allow the bank to now focus solely on institutional and large corporate banking.

The transfer to Kina Bank included 15 branches, 72 ATMs (automated teller machines) and more than 1,000 Eftpos machines, as well as ongoing roles for ANZ staff.

ANZ PNG country head Mark Baker said: “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.

“The economic outlook for PNG is strong, and as a partner in its long-term development and 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, said Baker.

SOURCE: THE NATIONAL/PACNEWS
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