Speaking to an audience of Small to Medium Enterprise customers at the Stanley Hotel recently, Chief Executive Officer Mark Baker confirmed his ANZ accounts will transfer to Kina Bank when the acquisition of ANZ PNG’s Retail, SME and Commercial business takes place later this year.
“Like all ANZ retail customers and ANZ PNG staff, my accounts will transfer to Kina Bank when the sale is complete. I’m heavily involved in this transaction, so I can speak with confidence when I say Kina are committed to this being a seamless transition for customers. With this knowledge, I’m very comfortable for my banking to move across. I know the customer service will continue to be first class, and my digital banking experience will benefit from the significant investment Kina are making in their systems.”
Kina Bank was recently granted full regulatory approval to acquire ANZ PNG’s Retail, SME and Commercial businesses in a move that will make Kina Bank the second largest retail bank in PNG. The acquisition includes all of ANZ PNG’s branches, and ATM and EFTPOS fleet, giving Kina Bank a national footprint to service customers across the country.
“A healthy economy requires a healthy banking sector,” said Kina Bank’s Chief Executive Officer, Greg Pawson. “The transformative acquisition will strengthen the PNG financial services sector and provide PNG with two very strong domestic retail banks – giving customers a better alternative and real choice.”
The acquisition is expected to complete in September 2019 and both banks have been working closely to ensure there’s a smooth transition for ANZ customers:
“Their blue cards will continue to work after the acquisition takes place; and they will continue to have the same account numbers when they move to Kina Bank. Simplicity, convenience and ease of access are the key themes being built into the program to make sure that the process is seamless for everyone.
“We have also put in considerable effort into strengthening our correspondent banking arrangements to offer faster and more efficient foreign exchange and international payments.
“At this stage customers don’t need to do anything. We’re working to make sure there’s no disruption to day-to-day banking and we’ll keep customers informed of what’s happening along the way,” said Mr Pawson.
Kina Bank is a wholly owned subsidiary of Kina Securities Limited. Established in PNG in 1985, the company acquired Maybank’s PNG operations in May 2015 and dual listed on the ASX and POMSoX. Founding shareholder Fu Shan Investments Ltd sold their entire stake in the company in June 2018. Bought by a range of new and existing institutional and retail investors, the shares were heavily oversubscribed. In addition to becoming the second largest retail bank in PNG, the company has a stockbroking licence, and is the largest funds administration and investment management business in PNG.