Kina Bank acquires Westpac Fiji and PNG
16 April, 2021, 6:30 am
The shareholders of Kina Securities Limited (KSL) have voted in favour of the acquisition of Westpac Fiji and Westpac PNG by Kina Bank.
KSL chief executive officer Greg Pawson confirmed this in a statement after the Extraordinary General Meeting held yesterday in Port Moresby, saying it was a great show of confidence by the shareholders.
“We are very excited about this opportunity, and creating a stronger and more effective banking competitor for PNG and Fiji,” Mr Pawson said.
“The acquisition is perfectly aligned with our current strategy to be a dynamic and innovative full-service regional bank with a market-leading digital platform.”
It was stated that after the proposed acquisition, there would be a newly-branded bank, independent and separate from the existing Kina Bank brand.
It would compete directly with all commercial banks in Fiji and PNG, including Kina Bank.
“It’s a really positive story and it will be a great outcome for customers from a service and product perspective,” added Mr Pawson.
“Creating a brand new bank means there will be more customer choice, more competition and more innovation.
“With the proposed acquisition, we will be able to introduce fee-free banking options; a new suite of world class digital products and services; and we will be able to re-price business lending, making it more cost-effective for business customers to access funding.”
- More details on this story in today’s (Friday, April 16, 2021) edition of The Fiji Times.