Kina Securities Terminates Agreement

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.

Kina’s Westpac Offer Finally Rejected – What’s next?

Since the ICCC had already rejected the acquisition in its draft determination, and for good reason, it is no surprise that it did so in its final determination.

Kina Securities Outlines Vision

Kina Securities Ltd Chairman, Isikeli Taureka and Managing Director and CEO, Greg Pawson, outlined a powerful vision for more competition in the banking sector, more innovation and customer choice for PNG, if the Independent Consumer and Competition Commission (ICCC) approves the acquisition. 
“Our mission is to constantly improve the prosperity of the people, communities and markets that we serve. We strongly believe that this transaction should be approved by the ICCC,” said Mr Taureka.

Maru Slams Govt’s Silence On Westpac Sale

Maru raised this concern on the floor of Parliament yesterday during the Question Without Notice period.

"Why is the Government so silent and not backing up the acquisition of Westpac Bank?"

Prime Minister James Marape responded and clarified that the Independent Consumer and Competition is an independent body and the process of acquisition is still ongoing.

He further added that investors in the country have a choice to stay and continue doing business or leave.

Want Westpac to Respond

Mr Tipi is demanding that Westpac pay him back, after he was held at gunpoint by robbers at Westpac’s Waigani Branch in Port Moresby, and had nearly K200,000 stolen from him.

“In 2017, I spoke to the bank, where I was told they would get back to me in 10 days. I am still waiting to hear from Westpac Bank,” said Tipi.

Having heard and read numerous news articles of the sale of Westpac to Kina bank, Tipi wants the bank at least respond.

Toma Empowered

The establishment of the Lastwind Enterprise Agency is the third in the province together with Malabunga and Warangoi, and will give the Vunakaur people the opportunity to participate in the economic development of East New Britain Province.

The Chairman of the East New Britain Savings and Loans Society, Grand Chief Sir Sinai Brown and the East New Britain Governor Nakikus Konga were the official guests accompanied by Deputy Administrator Levi Mano and other invited guests for the occasion.


New banking program for Highlands region

The first-of-its-kind program has been announced by Westpac, the Pacific Financial Inclusion Program (PFIP) and the Australian Government.

Choice Wantok is a new low-cost banking option specifically developed to suit people in the Highlands, an area where most people have never been able to access even basic banking services. 

Central to Choice Wantok will be a new Innovation Hub set up at Mount Hagen, bringing the latest technology to the Highlands and allowing Westpac to test ideas and tailor its services to meet the specific needs of remote communities.

Local women entrepreneurs motivated to grow business

The open day market provided support to micro and small businesswomen to show off their products to new customers and expand their networks.

Westpac retail banking coach leadership and change, Alipate Suguturaga said Westpac is an advocate for women as they’re the backbone of society in terms of growing economies.

Suguturaga said, “We are so humbled by what we saw, women entrepreneurs going about their tasks selling various items from food to art, flowers, jewelry and cosmetics.

Westpac to showcase women in business

Everyone is invited to the market, which will be held in the carpark of the bank’s Waigani office (opposite Theodist) from 9am until 1pm on Saturday, 25th March.

There will be something to interest all members of the family, including household items, clothes, shoes, jewelry, cakes, food, jams, paintings, furniture, pot plants, toys and much more.

Westpac’s new faster safer EFTPOS terminal

With the quickest response time of all available terminals, the new Westpac EFTPOS promises to take the stress out of shopping and improve business for retailers.

To be one of the first to use the new Westpac EFTPOS terminal, visit Shop N Stop Harbourside from 11am until 3pm on Wednesday 13 July.

Each customer who makes a purchase using the new Westpac EFTPOS terminal will receive a free sausage sizzle.