Our Chief Executive Officer Greg Pawson has announced Kina Bank’s intention to acquire the banking operations in PNG and Fiji of Westpac Pacific. The acquisition gives our bank scale and growth to continue delivering innovation and competitive products and services to make banking easier and more affordable for everyone.
There will be no branch closures, no job losses and no lessening of the competition. We intend to maintain Westpac’s commercial banking license and run the branch networks separately, enabling us to leverage an enhanced regional branch footprint, ATM and POS fleet, and Instore agency network. Customer accounts will not be impacted by the acquisition because there will be no complex technology integration or migration of customer data. The branch network will continue to run as it is today. The only change will be to the how the bank looks as we are excited to share new branding for Kina in 2021.
The acquisition is subject to regulatory approvals from ICCC, BPNG and the Reserve Bank of Fiji. The Kina Bank board and Kina Security Shareholders have all voted overwhelmingly in favour of the acquisition. We expect it to be complete by the end of 2021.
Being a larger group means that we will be able to introduce more key innovation projects like our disruptive fee free bank account and continue to reduce fees and charges across Fiji and PNG. It also enables us to take our strategic partnership with Nationwide Microfinance Bank in PNG to new heights by building out a far more compelling and effective financial inclusion program.
by the strength, presence and expertise of the Asian Development Bank – our second largest shareholder and a significant donor to both countries. Becoming a stronger bank will mean that customers in Fiji and PNG can grow their own wealth and improve their lifestyles with more financial freedom and stability.
Kina Bank has entered into a sale and purchase agreement with Westpac to acquire the banking operations in PNG and Fiji of Westpac Banking Corporation.
Kina Bank will assume ownership and operation of both the PNG and Fiji Westpac businesses effective from the completion date. This includes all of the branch operations, ATMs and eftpos terminals, and all employees in PNG and Fiji.
The acquisition is subject to regulatory approval and we expect it to complete towards the end of 2021.
The acquisition supports Kina Bank’s key strategic objectives to deliver greater value to customers and shareholders by offering greater competition and developing a more resilient and sustainable group. It gives the bank a larger footprint to drive even further scale and growth. It also allows Kina Bank to remain at the forefront of digital innovation in PNG – and now also in the region.
Your experience as a customer will not change prior to the completion of sale, which is expected to occur in the latter part of 2021 and is subject to the parties obtaining necessary statutory, regulatory and third-party approvals.
Your accounts will not change and you will still have access to the same products and services you have access to now. You will also have access to Kina Bank’s full suite of market leading products and services.
There will be nothing for you as a customer to do or action following this announcement. The terms and conditions of your account including any documents or contracts you may have signed remain the same as when you first signed up with Westpac.
Westpac will continue to own, manage and run banking operations in Fiji and PNG until the sale is finalised in late 2021. It will be business as usual as Westpac continues to meet your banking needs.