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.
Independent Consumer and Competition Commission (ICCC)
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.
The Internal Revenue Commission’s potential plans for state-owned enterprises debt to be repaid, Fiji welcomes Kina Bank, and Link PNG’s proposed acquisition of PNG Air rejected again. The business news you need to know today.
The ICCC Commissioner issues warning about ‘complete chaos’ with the National Electricity Authority Act, Treasurer gives hope to potential overseas workers, and Nasfund opens a service centre in Maprik. The business news you need today.
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.
It will take ‘the next two to three years’ before PNG Air, Papua New Guinea’s second domestic airline, can foresee a return back to pre-COVID levels of business activity, according to statement issued to Papua New Guinea’s stock exchange yesterday.
Link PNG reapplies to get a shareholding in PNG Air, Air Niugini announces new requirements for international travel and BSP launches new cashless product. The business news in brief.
COVID-19 tests now mandatory for incoming flights to Australia, Digicel’s Pacific operations could be up for sale and K92 organises a visit to the Kainantu mine.
Kumul Minerals Holdings welcomes a Registered Mine Manager, Papua New Guinea’s Independent Consumer and Competition Commission reappoints CEO, and new appointment for Oil Search’s former head.
Oil Search back trading on PNGX, new wholesale internet prices coming and ambitions plans for PNG’s cocoa industry. Your latest summary of the business news you need to know.