ICCC rejects Westpac-Kina deal

WESTPAC’S exit strategy in the Pacific is in tatters after the competition regulator in Papua New Guinea rejected the $420 million sale of its local unit to Kina Securities in a final determination that said the deal would “limit national economic progress”.

ICCC rejects Westpac-Kina deal ICCC rejects Westpac-Kina deal ICCC rejects Westpac-Kina deal ICCC rejects Westpac-Kina deal ICCC rejects Westpac-Kina deal

Paulus Ain

The decision means Westpac can no longer sell its PNG and Fiji banking operations to Kina, given approval from the Independent Consumer and Competition Commission (ICCC) was required for the sale to
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