Kina Bank’s Chief Executive Officer delivered a strong message on the Bank’s performance and future in its Annual Report released on Tuesday.
“We’ve seen significant growth across all divisions of our business throughout 2018. Our customer numbers grew by 25%; our deposits grew by 29% to PGK 1.3bn; our loans and advances grew by 20% to PGK 851.7m.
“We also announced the acquisition of ANZ PNG’s Retail, SME and Commercial businesses and the resolution of our escrow shareholding.”
The bank resolved its escrow shareholding when the founding and major shareholder, Fu Shan Investments (Hong Kong) Ltd, sold its entire stake of 34.94% in June 2018. This resulted in a significant broadening of the investor base and has provided greater market liquidity for Kina shares, bought by a diverse group of new and existing institutional and retail investors in Papua New Guinea and Australia.
The acquisition is expected to complete in September 2019 when more than 300 staff and 120,000 customers will transition to Kina Bank.
“We will become the second largest retail bank in PNG with a national footprint and the capability to meet the increasingly sophisticated needs of communities across the country,” said Mr Pawson.