The acquisition, worth K24.2 million, increases Kina Banks banking footprint in PNG and the banking market share.
ANZ will be focusing solely on Institutional and Large Corporate banking in the market.
The key terms of the transaction, include Kina Bank acquiring the Business, comprising of
1) Retail customer deposits and loans (including credit cards);
2) Commercial/SME customer loans and deposits;
3) ANZ PNG’s 15 retail branch premises, increasing Kina’s branches to 21;
4) Relevant employees; and