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Kina Bank is proposing to take a multi-brand strategy to improve competition in the banking sector and improve customer choice if the proposed acquisition of Westpac’s Pacific businesses gets the go-ahead from regulators
Chief Executive Greg Pawson says the strategy is to create a newly branded bank for PNG, independent and separate from Kina Bank, that will disrupt the banking sector in a positive way.
He said the intention is to maintain the independent commercial banking license of Westpac PNG.
Pawson said their intention is to maintain the independent commercial banking license of Westpac PNG.
The newly branded bank will have a new name and be separate from Kina Bank – and it will be governed by an independent PNG-based board of directors.
In a statement, Pawson explained that the newly branded bank will compete directly and vigorously with BSP, ANZ, and Kina Bank.
He said it will be a great outcome for customers from a service and product perspective.
Pawson said creating a new brand means there would be no lessening of competition and no prospect of a duopoly or market dominance.
There will also be a significant opportunity for anyone in PNG to invest and participate in the ownership of it through Kina Securities.
The proposed acquisition of Westpac’s pacific businesses will also pave the way for local investors to participate in the ownership of it through an equity raising.
Anyone can buy shares in the newly branded bank through Kina Securities Limited.
He said it’s a great opportunity for anyone in PNG who wants to be part of Kina’s growth and success.
Kina’s proposed acquisition of Westpac PNG and Westpac Fiji is subject to regulatory approval in both jurisdictions.
SOURCE: NBC NEWS PNG/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
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