Syd Yates

The announcement yesterday is in line with the market notice on June 22^nd 2017 of Yates’ planned retirement and transition to Greg Pawson as the new CEO.

Kina Board chairman, Isikeli Taureka, thanked Yates for his long and distinguished service of over 20 years to Kina and to the Papua New Guinean financial sector.

Taureka said his achievements have been immense and crowned by the successful IPO of Kina on the ASX and POMSoX in 2015, and the acquisition of Maybank PNG by Kina in the same year.

At the end of December 31, 2016, the bank’s profit increased from K4.9 million in the 2015 financial year.

Kina Securities Chief Executive Officer, Syd Yates, said Kina had delivered a solid result despite challenging global markets.

“Despite the more challenging environment this has been a milestone year for Kina. We have maintained our momentum following our acquisition of Maybank PNG and we are building a stronger and more efficient business while delivering on our vision of helping our customers improve their circumstances,” Yates said.

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.

Chief Executive Syd Yates said: “The results are for the first full six months period for the merged Kina/Maybank business, and the first since the highly successful public float of the Company in July 2015.”

Kina continues to make solid progress in the development and consolidation of its business following the Maybank merger completed last year.

The medium term outlook for the PNG Economy remains positive in the 2016 Mid Year Economic & Fiscal Outlook.

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.

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry, with a purpose to help achieve the best retirement outcomes for members of superannuation funds through the development of good public policy and industry best practise.

The training programs included;

- Super Foundations: the ideal induction course for new entrants to the superannuation industry, focuses on how super works and how the industry operates.

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.