Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby stock exchanges.
The transaction remains subject to final regulatory approval from the Bank of Papua New Guinea.
The sale includes all 15 ANZ branches, and ongoing roles for all relevant staff in PNG.
To ensure an orderly transition of ownership, ANZ will continue to manage the Retail, Commercial and SME businesses until the transaction is complete late 2019, when Kina will take control.