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

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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.

Kina Bank presents its vision for Westpac to Papua New Guinea’s regulator

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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.

ICCC proposes to disallow Kina Bank’s acquisition of Westpac’s Pacific assets

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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.

Gradual devaluation of Papua New Guinea’s currency would be ‘helpful’, says banker

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Papua New Guinea’s currency, the kina, has been steady this year after weakening against a number of major currencies in late 2020. Should it be devalued further? We asked Jonathan Prince, Treasurer at Westpac PNG, to consider the consequences.

2021 PNG 100 CEO Survey: a snapshot of the effects of COVID-19 in Papua New Guinea [analysis]

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The annual Business Advantage/Westpac PNG 100 CEO Survey has captured the depth of the COVID-19 crisis and the sense of uncertainty that exists among businesses in Papua New Guinea. Westpac’s Senior Economist Justin Smirk takes a closer look.

In brief: PNG Tourism Promotion Authority reveals exit survey numbers and other business stories

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Papua New Guinea’s Tourism Promotion Authority reveals bleak outcome for 2020, Kumul Petroleum Holdings gets three petroleum retention licenses and new equity holders for PNG LNG. The business news in brief.

In brief: Third mobile carrier getting ready to roll by year-end and other business stories

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Communications Minister confident in a new telco by year-end, the ICCC initiates review of Kina’s takeover of Westpac, and Ok Tedi Mining pledges K10 million in COVID-19 relief. Your business news in brief.

Nothing to fear: Kina Bank’s executive dismisses claims of ‘duopoly’ in Papua New Guinea

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Kina Bank will adopt a ‘multi-brand’ strategy after acquiring Westpac PNG, according to Lesieli Taviri, Executive General Manager for Banking. She believes fears about a duopoly are unfounded.

Kina Bank buys Westpac’s Pacific assets in billion kina deal

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Kina Bank has consolidated its position as Papua New Guinea’s second largest bank, and also taken a first step towards becoming a regional bank, by acquiring the assets of Westpac in Papua New Guinea and Fiji.

Papua New Guinea’s 2021 National Budget: the most ‘challenging in our lifetime’

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The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.