Banking and finance

Regulator rejects Kina Bank’s acquisition of Westpac’s Papua New Guinea assets

It is back to the drawing board for Kina Bank and Westpac, as Papua New Guinea's Independent Consumer and Competition Commission has issued a 'final determination' declining authorisation of Kina's proposed acquisition of Westpac Papua New Guinea.
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Kina Bank presents its vision for Westpac to Papua New Guinea’s regulator

If Kina Bank's acquisition of Westpac's Pacific operation proceeds, it will be rebranded East West Commercial Bank, a stand-alone 'Pan-Pacific' bank to compete against its new parent. That's according to a presentation made by Kina last week as it tries to convince Papua New Guinea's Independent Consumer and Competition Commission of the deal's merits.
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ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets

In an interim determination, Papua New Guinea's Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac's remaining assets in the Pacific.
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BSP denies regulator’s anti-money laundering allegations

BSP Financial Group (BFL) has responded to allegations made by the Bank of Papua New Guinea's Financial Analysis and Supervision Unit (FASU) that it was in breach of the country's anti-money laundering laws. Meanwhile, the Bank of PNG's Governor has distanced the central bank from the allegations made by its own unit.
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