SUNBIZ

Kina Defeats BRED Over Westpac Pacific Arm Race

PNG’s Kina Bank has beaten French bank BRED-Banque Populaire in the race for Westpac’s Pacific arm, Australian Financial Review says. The acquisition would almost triple Kina’s presence in the region,
08 Dec 2020 12:19
Kina Defeats BRED Over Westpac Pacific Arm Race
Westpac

PNG’s Kina Bank has beaten French bank BRED-Banque Populaire in the race for Westpac’s Pacific arm, Australian Financial Review says.

The acquisition would almost triple Kina’s presence in the region, sources said.

The company already owns PNG’s second-largest retail bank, with 21 bank branches in PNG and customer loans worth $540 million on its balance sheet as of June 30.

Kina undertook a pre-emptive $90 million capital raising in September before the deal closed, and money raised in the offer is expected to be used to fund the purchase.

Stockbroker Morgans was lead manager on that deal.

It marks Kina’s second acquisition from a big four Aussie bank in as many years, with the company snapping up ANZ Banking Group’s retail, small business and commercial business in PNG in 2019.

Feedback: maraia.vula@fijisun.com.fj



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