Papua New Guinea Proposes To Deny Authorization To Kina Bank For Buying Westpac's Pacific Businesses

(RTTNews) - Papua New Guinea's Independent Consumer and Competition Commission (ICCC) on Monday released its draft determination indicating that it proposes to deny authorization to Kina Bank for the proposed acquisition of Westpac Group's (WBC.AX, WBK) stake in Westpac Bank PNG Limited.

Westpac and Kina are currently reviewing the draft determination and intend to make further submissions to the ICCC before its final determination is issued in September, following a public consultation period.

On December 7, 2020, Westpac Group announced the sale of its Pacific businesses - Westpac Fiji and Westpac's 89.91% stake in Westpac Bank PNG Limited - to Kina Securities Limited (KSL.AX) for up to $420 million.

Kina Bank shareholder approval was received in April 2021. The sale remains subject to bregulatory approvals in both Fiji and Papua New Guinea.