Kina acquires ANZ’s Retail, Commercial/SME banking businesses

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


Kina ‘peg’, FX shortage slowing growth

Westpac director and senior economist, Justin Smirk, said while there were positives to the introduction of the trading ban on the Kina, there were also implications.

Smirk said the current situation constrains local business expansion and creates a tightening in the Kina market.

Smirk said the decision to peg the kina in July 2014 ensured currency stability, prevented mass depreciation and created certainty in the Kina.

Kina wins Nasfund funds administration mandate

NASFUND has total assets of over K4.09 billion (A$1.66 billion) and manages the superannuation savings of more than 543,000 members and is PNG’s largest superannuation Fund by membership size.

NASFUND’s membership is mainly workers from private sector companies, government-owned corporations, statutory authorities and self-employed individuals.

The NASFUND mandate consolidates Kina’s position as PNG’s largest superannuation administrator.

Kina appoints Smith-Pomeroy as director

Chairman of the board Sir Rabbie Namaliu, when making the announcement today said he was delighted to have Karen join the Board.

"Her breadth of experience will be very valuable to Kina Securities," he said.

"In particular, she brings important insights in the areas of credit risk and governance, which are a focus for the Board as we expand our lending and grow our business in the coming years."

Kina Securities records K20.5m profit

This is 350% increase from the first half of 2015.

The results confirm the benefits of Kina's K349 million acquisition of Maybank PNG, completed in September 2015, which effectively doubled the size of the Kina business.

Chief Executive Syd Yates said the results were pleasing and demonstrated that the merger was delivering excellent returns for shareholders.

"The Company has made great progress in the past six months. Our lending has increased sharply, and our asset quality is sound.

Kina appoints Deepak Gupta as GM Wealth

In a statement, Chief Executive Officer Syd Yates said he is delighted to welcome Deepak who brings with him a wealth of experience in the Wealth Management industry to further enhance and strengthen the already experienced Senior Management team.

Gupta has held a variety of senior executive roles in leading financial services institutions including Westpac, AMP and domestic New Zealand institutions.

These roles have spanned all facets of institutional funds management, private equity investment, funds administration, financial planning and corporate trusteeship.

Kina under downward pressure

He said the prices for PNG’s export commodities continue to remain low, while crude oil prices have dropped by more than 60 percent since June 2014.

In his Quarterly Economic Bulletin released today, Bakani said the weighted average kina prices of Papua New Guinea exports declined by 18.3 percent in the September quarter and partly resulted in a decline of 26.1 percent in the value of merchandise exports.