ICCC approves Kina-ANZ deal

KINA Bank has been given full regulatory approval to acquire ANZ PNG’s retail, small-to-medium-enterprise and commercial businesses by the Independent Consumer and Competition Commission.
ICCC approves Kina-ANZ deal ICCC approves Kina-ANZ deal ICCC approves Kina-ANZ deal ICCC approves Kina-ANZ deal ICCC approves Kina-ANZ deal

Greg Pawson

Staff Reporter

Kina Bank chief executive Greg Pawson said a healthy economy required a healthy banking sector and that Kina Bank's acquisition of the ANZ business units would strengthen the PNG financial services sector.
 
"It provides Kina Bank with an extended national footprint and an enhanced capability that will provide PNG with two very strong domestic retail banks, giving customers a better alternative and real choice," Pawson said.
 
Pawson said the acquisition aligned with Kina Bank's current strategy of targeted customer segments and differentiated customer service. The integration program is targeted to complete in September this year and would result in an upgrade of Kina Bank's infrastructure, core capability, and the introduction of innovative new digital products and channel offers.
 
"Customers will be able to transact with us anytime, anyhow, anywhere. Simplicity, convenience and ease of access are the key themes being built into the program to ensure that there will be no disruption to the day-to-day banking for ANZ's customers.
 
"Their existing cards will continue to work and customers will continue to have the same account numbers when they move to Kina Bank.
 
"We have also put considerable effort into strengthening our correspondent banking arrangements to offer faster and more efficient foreign exchange and international payments," Pawson said.

 

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