On 25 June 2018, Australia and New Zealand Banking Group (PNG) Ltd (“ANZ”) announced an agreement to sell its Retail, Commercial and Small-Medium Sized Enterprise (SME) banking businesses in Papua New Guinea to Kina Bank Limited (“Kina Bank”), to allow it to focus solely on Institutional and Large Corporate banking in the PNG market.
The transfer to Kina Bank occurred on Sunday, 22 September 2019 (“Completion”).
Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby stock exchanges.
The sale included all 15 ANZ branches, the entire ATM network and ongoing roles for those who currently support the Retail, Commercial and SME banking businesses.
Important information – Transfer to Kina Bank
• The transfer took effect on Sunday 22 September 2019 (“Effective Time”).
• From the Effective Time, ANZ's Retail, Commercial and Small Medium Enterprise (SME) sized customers became customers of Kina Bank and any account(s), deposits, loans, products and other banking arrangements held with ANZ (together referred to as the “Banking Services”) were transferred to Kina Bank.