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Papua New Guinea Customer Frequently Asked Questions (FAQs)

On 25 June 2018, we announced an agreement to sell our Retail, Commercial and Small-Medium Sized Enterprise (SME) banking businesses in Papua New Guinea to Kina Bank, to focus solely on Institutional and Large Corporate banking in the market.

 

Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby stock exchanges.

 

The transaction received regulatory approvals from the Bank of Papua New Guinea and the PNG Independent Consumer and Competition Commission on 26 February 2019 and 27 March 2019 respectively.

 

The sale includes all 15 ANZ branches, and ongoing roles for all relevant staff in PNG.

 

To ensure an orderly transition of ownership, we will continue to manage the Retail, Commercial and SME businesses until the transaction is complete in September 2019, when Kina will take control.

 

There is no impact to our Institutional and Large Corporate banking businesses in PNG, where we see opportunities for growth and have a positive economic outlook.

Why has ANZ sold its Retail, SME and Emerging Corporate banking business?

The transaction follows a strategic review of our retail and wealth operations in Asia, as we looked at options to simplify the bank, distribute capital more efficiently across the group and focus on trade and capital flows throughout the Asia-Pacific region.

 

The decision to sell our Retail, Commercial and SME banking business in PNG to Kina is in line with our group strategy, and in no way impacts our Institutional or Large Corporate banking business in PNG, or alters our commitment to the market.

 

This follows recent announcements of the sales of our retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia, Vietnam and Cambodia.

 

Will ANZ have a presence in PNG following the sale of Retail, Commercial and SME banking businesses?

Yes. This transaction with Kina in no way impacts our Institutional or Large Corporate banking business in PNG, or alters our commitment to the market.

 

We continue to have a positive outlook for the PNG economy and see great opportunities for growth.

 

Retail, Commercial and SME Customer FAQs

 

Section 1: About Kina Bank

 

Kina bank is a new player in this market. Why should I trust them with my money?

Kina Bank was established in 1985 as a diversified financial services company in Papua New Guinea. We are listed on both the Australian and Port Moresby Stock Exchanges and are distinguished for funds administration, funds management and stockbroking, which complement our banking services.

 

Kina Bank’s appetite for growth and investment means we are the fastest growing bank in PNG. Proudly Papua New Guinean our vision is to be the most dynamic, progressive and accessible financial services company in PNG – in short, PNG’s leading digital bank.

 

What sort of banking products and services does Kina Bank offer?

Kina Bank already services thousands of retail and commercial customers across PNG.  Our emphasis on digital banking means we already offer market leading channels such as our corporate and personal Internet banking platforms and mobile banking app. Our state of the art core banking system was upgraded in 2017 and is one of the country’s leading and most contemporary systems.

 

In the lead up to the planned acquisition of ANZ’s retail, commercial and SME businesses, we will be enhancing our suite of products and services, including offering market leading Visa Credit and Debit card products with chip and contactless technology; and a state of the art EFTPOS network with the latest market-leading EFTPOS terminals. ANZ customers can be sure to experience dynamic, best-in-class products, as well as the exceptional service our existing customers currently receive.

 

Will the products and services provided by ANZ be the same as at Kina Bank?

Kina Bank will offer all customers the products and services ANZ customers are currently used to. As we build out our expanded offering of products and services, our philosophy is that ANZ customers will receive at least the equivalent in terms of fees, rates, or service.

 

In fact, our new customers will find many fees and features at Kina Bank are better than those they currently receive.  We expect many of our customers will be surprised – and delighted – when they come across to Kina Bank.

 

What does the organisational structure of Kina Bank look like?

Kina Bank is listed on the Australian Stock Exchange (ASX code: KSL), and the Port Moresby Stock Exchange.  The Chief Executive Officer is Greg Pawson, who is one of the most senior and respected leaders in the banking industry in the Asia Pacific region. Greg joined Kina Bank in 2018 after his previous role as the Regional Head of Westpac South Asia and Pacific.

 

Reporting to Greg are a number of executives who lead the various divisions of Kina Bank such as Personal Banking, Business Partners and Wealth and Shared Services.

 

Full details on Kina Bank’s organisational structure are available on Kina Bank website

 

Is Kina Bank a rated bank? If so, what is its S&P rating?

No. Kina Bank is dual listed on the Australian and Port Moresby Stock Exchanges and is governed to the standards you would expect of a dual-listed company and complies with relevant laws, regulations and standards set down by both the Bank of PNG and the Australian Stock Exchange. We publish our annual results through the annual reporting process.  Our annual reports are available online for members of the public to read on Kina Bank’s website.

 

Please provide some clarity around Kina Bank’s compliance processes. What sorts of compliance processes does Kina Bank apply to ensure my money is safe?

Kina Bank operates to the highest international compliance standards.  This is essential for our shareholders, and our own ability to transact foreign currency with international banks.  Our “know your customer” (KYC) and anti-money-laundering (AML) processes are robust.

 

The Board and management have designed a governance framework for the operation and management of Kina Bank, which incorporates resilient internal controls, risk management processes and governance policies and practices. The Board monitors adherence to this framework ensuring Kina Bank complies with relevant laws, regulations and standards set down by the Bank of Papua New Guinea, the Australian Securities Exchange, the Port Moresby Stock Exchange, the PNG Companies Act 1997, PNG Securities Act and the Australian Corporations Act 2011 (Cth).

 

Who owns Kina Bank and who are its shareholders?

Kina Bank is dual listed on the Australian and Port Moresby Stock Exchanges and its shareholders include a range of institutional and retail investors in Papua New Guinea and Australasia.

 

In June 2018 Kina Bank’s founding and major shareholder Fu Shan sold their entire stake in Kina Bank. The sell down, managed by Morgans Financial Ltd, prompted strong demand from both PNG and overseas shareholders with shares heavily oversubscribed.

 

 

How long has Kina Bank operated in PNG?

Kina was established in 1985. Further detail of Kina Bank’s history and company profile is available at the www.kina.com.pg.

 

Does Kina Bank have a culture like ANZ?

Every organisation has its own culture.  At Kina Bank, we pride ourselves on a culture that values diversity and fosters a ‘One Kina Bank’ approach. We creatively and energetically solve customers’ problems because we think differently and we act with urgency. We aspire to be the most dynamic, progressive and accessible financial services company in Papua New Guinea We encourage the learning and development of all of our staff and we fairly reward for risk and performance.

 

Does Kina Bank have some connection with the PNG government and are there any existing political members who are on the Kina Board?

Kina Bank does not have any political affiliation in PNG or Australia. Kina Bank board members are appointed by shareholders and are a mix of highly experienced business leaders from across the Asia Pacific region. 

 

Section 2: Products & Services

 

Accounts

Will we need to sign any new account opening documents/ provide documents to Kina Bank after the transition?

In most cases customers will not need to fill in new account opening forms, and account numbers will remain as they are.

 

If I have a dispute in respect to accrued interest and fees charged, what do I do?

For now it is business as usual. This means that if you have any issues with your banking, you can speak to your relationship manager at ANZ if you are an SME business, or speak to any ANZ staff at the branch if you are a retail customer, and they will assist you.

 

Towards the end of the transition, we will provide all our customers with details of how customer enquiries will be managed after the transition.


I’m not comfortable about having my account moved to Kina Bank. Could I have my account transferred to either BSP or Westpac PNG?

We encourage all customers to transfer your accounts from ANZ to Kina Bank as part of the transaction to ensure you continue to receive a world class banking service. If you’re thinking of transferring to another bank we encourage you to speak to Kina Bank first.

 

What will happen to my account(s) after the transition?

Your accounts will be transferred to Kina Bank when the transition process is complete. We are working to make the transition seamless for all customers and offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

Your ANZ cards will still work after the transition, as will the way you access other channels such as ATMs, EFTPOS, Internet banking and the branch network.  More information will be made available closer to the transition.


Will I still have the same account number after the transition?

In most cases customers will keep the same account details. We are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

What are the account fees going to be like at Kina Bank?

Kina Bank offers competitively priced fees for market leading products and services. The fees you pay for products and services will be the same as, or better than, what you are paying currently.

 

Will my PIN change after or during the transition?

After the transition, when you use a Kina Bank ATM you will be prompted to change your PIN.

 

I had a bad experience dealing with my shares proceeds at Kina Bank. What’s the guarantee that when I transfer my accounts to Kina Bank, I’ll be well taken care off?

At Kina Bank, we are committed to delivering exceptional service. This commitment sets us apart in the market and makes us a better alternative.  The relationships we form with our customers are the cornerstone of Kina Bank and we offer the assurance that you will receive exceptional customer service. The ANZ retail team who currently service ANZ customers will continue to work for Kina Bank and offer the exceptional Kina Bank experience.

 

Will our accounts be safe with Kina Bank?

Yes. Kina Bank has the highest compliance standards and is in a strong financial position.  Providing you do not share your cards and PINs with anyone, your accounts are safe at Kina Bank. Kina Bank adheres to the highest standards of cyber security and card encryption, with systems that are some of the most modern and up to date in the industry.

 

Will ANZ close our current accounts and open new accounts with Kina Bank?

Your ANZ account will be automatically migrated across to Kina Bank and a new account will be established on Kina Bank’s systems. Your Kina Bank account will have the same balance it had at ANZ, and the same or better fees and rates as ANZ.

 

Will my account be affected with regards to fees and rates at the time of crossover to Kina Bank?

You might notice some changes to the fees you are charged or the interest rates you receive or pay.  The great news for ANZ customers is that wherever you notice a change, it will be in your favour.

 

Will the policies and processes be the same at Kina Bank especially with account opening requirements?

As both ANZ and Kina Bank are regulated by the Bank of PNG, you will notice the standards both organisations apply are very similar.  The only changes you will notice are in the process itself. Kina Bank’s digital processes and systems make account opening fast, easy and secure.


When exactly will our accounts be transferred to Kina?

Your accounts will be transferred to Kina Bank on completion of the acquisition.  We expect this will be in September 2019.

 

How about our employees and the payroll – will that be uninterrupted during and after the transition?

    a)   Will our employees get new account numbers for us to do payroll?

     In most cases account numbers and payroll processes and files will automatically be transferred to Kina Bank.

 

    b)   Will employees have new access cards to ATMs/EFTPOS to access their pay?

    No. The existing ANZ Access and Visa Debit and Credit cards will be migrated to Kina Bank automatically and should work as     they do now after the transition. In time, all existing ANZ cards will be replaced by new Kina Bank cards.

 

    c)   Will systems be ready for us to do payroll online after the transition?

    Yes. The intent is to move all payroll processes from ANZ to Kina Bank for a smooth transition.


ANZ Transactive

I am now on ANZ Transactive – will I be able to access my accounts electronically with Kina Bank after the transition?

Kina Bank offers online banking for both commercial and retail customers. Kina Bank will work with you to ensure a smooth transition of your business’s transactional banking requirements to Kina Bank.

 

We are now using Internet Banking for Business (IB4B). Will we be able to access our accounts electronically with Kina Bank?

Yes. Kina Bank's corporate online banking is among the best in class.  We will ensure the transition for you will be seamless.

 

We are now using disk pay – what do we use to process payroll at Kina Bank?

You will still use the same disk pay process. We are working to ensure the transition is seamless and there is little or no disruption to services.

 

Bank Guarantees

What about Bank Guarantees issued on my behalf by ANZ to customs etc. Do I have to do anything?

We are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

What if the beneficiary is unable to locate the original Bank Guarantee to return to ANZ/Kina Bank for substitution after the transition?

As above. We are still working through some of the detail of the transition and will keep customers well informed as work progresses.

 

Cheque & Cheque Book

What about my cheque books & deposit slips? Will I be receiving Kina Bank cheque books or will I continue to use ANZ cheques & deposit slips during the transition?

During the transition, it is business as usual. There are no changes to your banking arrangements. You will continue to receive ANZ cheque books and deposit slips.

 

Credit Cards

Will I continue to use my ANZ VISA Debit card after the transition? Will the charges be the same?

Yes and yes.  Eventually, you will be provided a replacement Kina Bank VISA Credit or Debit card.

 

What will happen to my VISA Debit and/or Credit card when it expires during the transition period?

During the transition it is business as usual and there are no changes to your banking relationship with ANZ. Current processes will apply.

 

I now have a VISA Credit card with ANZ – will I have one with Kina Bank?

Yes. Your existing ANZ VISA Credit card will continue to work after the transition. In time it will be replaced with a new Kina Bank VISA Credit card that will be chip and contactless enabled.

 

EFTPOS & ATMs

I have EFTPOS Terminals from ANZ – will these continue uninterrupted during the transition? Will they be impacted after the transition? What is the arrangement after the transition?

During the transition period it is business as usual and there are no changes to your banking relationship with ANZ. Kina Bank will be working with merchant customers to ensure they receive their next generation Move5000 terminals prior to transition for a seamless experience.

 

Will I have to execute new documentation for EFTPOS after the transition?

In general terms no new documentation needs to be signed as existing Merchant Agreements will be migrated to Kina Bank on the same terms and conditions.

 

Will I still be able to settle my EFTPOS transactions to my account number or will I get a new one after the transition?

The intent is that the settlement account will stay the same as it will either be migrated to Kina Bank after the transition, or remain with ANZ. Customers will be advised well in advance of the transition.

 

Will the EFTPOS Merchant service continue with Kina Bank?

Kina Bank is committed to this growing channel and plans to roll out lots of innovations in this space in the future.

 

Foreign Currency Orders

We have outstanding FX orders – will we be able to remit FX offshore?

Yes. Kina Bank offers one of the fastest and most competitive FX services in Papua New Guinea, regardless of the destination account of the funds transfer. 

 

ANZ goMoney

I am an ANZ goMoney customer. Will I still access my goMoney account when I move to Kina Bank?

The intent is that active goMoney customers will migrate to Kina Bank’s new USSD mobile banking platform. Kina Bank’s new USSD mobile banking platform includes features such as mobile phone top ups directly from a customer’s account without having to purchase a top up voucher.

 

We are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

I am an ANZ goMoney merchant. Will this arrangement be maintained when/after the transition?

We are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

Personal Internet Banking

What will happen to my personal IB account after the transition?

Kina Bank’s banking platform is one of the best and most contemporary in the region with a world leading digital capability. After the transition you will be redirected to Kina Bank’s user-friendly, safe and secure internet banking service and asked to change your password.

 

Priority Banking

Will there be priority banking service available to customers after the transaction when Kina takes over?

Yes. Signature Priority customers will continue to receive the same, great personalised attention through Kina Bank’s ‘Elite’ offering.

 

Loan

Will my loan account be transferred to Kina Bank after the transition?

If you are a migrating customer, your loan account will move with you to Kina Bank.

 

After the transition, will the loan interest rates at Kina Bank be the same as what ANZ is currently offering?

Yes.

 

I have a PGK Trade Loan with ANZ – will I have the same at Kina Bank?

We are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

I/ My company has loans with ANZ:

    a)    Will I need to execute a new Letter of Offer?

    b)    Will I need to execute new security documents?

    c)    What if I have pending security registration matters?

    d)    Will my loans have the same terms and conditions?

 

At completion, all impacted ANZ facilities will transfer to Kina Bank on the same terms and conditions. There will not be an immediate requirement to execute a new Letter of Offer. There may be a requirement to execute new security documents and where this is a requirement we will work hard to ensure it is as seamless as possible. There will be arrangements in place between ANZ and Kina Bank to manage the eventual transfer to Kina Bank of any security instruments pending registration at the time of completion. We will keep customers fully informed throughout the transition.


Telegraphic Transfers & Bank Drafts

Will Kina Bank facilitate Telegraphic Transfers and Bank Drafts?

Yes.

 

Will I get a new cheque book or bank card after the transition?

Your ANZ card will continue to work after the transition. In due course, you will be issued a new Kina Bank card. In relation to cheques and cheque books, we are still working through some of the detail of the transition and will keep customers well informed of the process. We offer the assurance that the impact on customers will be minimal and you will receive exceptional customer service from Kina Bank.

 

Term Deposit

What is Kina Bank’s term deposit rate?

Kina Bank offers market-leading term deposit rates. The latest rates are available at www. kina.com.pg.

 

What will happen to my term deposit if it’s moved from ANZ to Kina Bank? Will the rates change?

Kina Bank offers competitively priced fees for market-leading products and services. The fees you pay for products and services will be the same as, or better than, what you are paying currently.

 

New customers will find many fees and features at Kina Bank are better than those they currently receive.  Many customers will be surprised – and delighted – when they join Kina Bank.

 

Section 3: Other specific questions

 

Is it safe to bank with Kina Bank?

Yes. Kina Bank is a financially strong and well governed company listed on the Australian and Port Moresby Stock Exchanges.

 

Will Kina Bank now attend to commercial and SME customers in each of the provincial branches after the transition?

Yes. Kina Bank is excited about welcoming new business customers from across PNG and offering them the great service our current business customers receive.

 

How do I know if my business is impacted/ is one of those moving over to the Kina Bank?

Your Relationship Manager at ANZ will be able to inform you whether your business is impacted by the transition of ANZ’s Commercial and SME business to Kina Bank. All ANZ’s personal / retail customers will be transferred.

 

Will Kina Bank provide the same level of service that we currently enjoy at ANZ?

Kina Bank has a strong commitment to superior customer service that sets us apart in the market and makes us a better alternative. Our pledge is that ‘together it’s possible’ because we believe the strong relationships we form with our customers are the cornerstone of Kina Bank.

 

When (date) will the transition be completed?

We anticipate the transition process to complete in September 2019.

 

Will the customers be notified when the transition is competed? How will we be notified?

Yes, we will notify all ANZ customers when the transition is completed whether that is via paid advertisement in the media, phone calls, and emails. Information about the transition will also be made available on our website and in all our branches.

 

How soon will customers start physically seeing the rebranding/ change in logo & signage take shape within the branches?

ANZ branches will continue to carry the ANZ brand until the transition is complete. When the transition is complete, branches will be updated and refreshed with Kina Bank signage and branding. We anticipate the transition to complete in September 2019. Until then it is business as usual.

 

If I have an issue as a result of the change to Kina Bank on day one, what are my avenues for problem resolution?

Our merged call-centres will be available to take your calls, and our branch teams and relationship managers will all be on-hand to address any questions you may have after the transition.

 

I now have a Relationship Manager at ANZ – who will be my new Relationship Manager at Kina Bank after the transition?

In most cases your relationship manager should also be moving to Kina Bank, you will retain the same relationship manager.

 

My question is not covered in this FAQ but I need a quick response. I don’t want to wait for the next updated FAQ, to get the answer – is there another way to send my questions and get a quick response?  

We have created a customer feedback email addresses to manage all our customers’ queries and feedback. The email address is custfeedbk@anz.com.

 

You can also email Mark.Baker@anz.com.

 

We encourage all our customers to send through your questions and feedback and we will respond to your queries accordingly.

 

Customers can also call our Call Centre on 321 1079 and talk to our call centre team.

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