Kina and Westpac Banking Corporation have mutually agreed to cease its purchase of Westpac Fiji and Westpac’s 89.91 per cent stake in Westpac Bank PNG – a deal that was hoped to expand Kina’s footprint into more markets.
Completion of the acquisition was subject to various regulatory approvals and the termination follows last week’s decision by Papua New Guinea’s regulator, Independent Consumer and Competition Commission to deny authorization for Kina’s proposed acquisition of Westpac PNG.
