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ANZ sells off Pacific assets
ANZ has continued its divestment strategy by completing the sale of retail, commercial and small–medium-sized businesses in Papua New Guinea to Kina Securities Group.
ANZ sells off Pacific assets
ANZ has continued its divestment strategy by completing the sale of retail, commercial and small–medium-sized businesses in Papua New Guinea to Kina Securities Group.
In a statement to the ASX, the big four bank explained the move would allow the bank to focus solely on its institutional and large banking business in PNG.
ANZ managing director, institutional Australia and PNG, Graham Turley said: “ANZ is committed to running a world-class institutional bank across our international network, in line with our strategy of simplifying our business and focusing on customers driven by trade and capital flows.”
Kina’s acquisition of ANZ’s assets included 15 retail branches, 72 ATM and over 1,800 EFTPOS terminals for $10 million.
Kina Group’s CEO, Grew Pawson, said “the acquisition is a significant development for the group and for Kina Bank”.
According to Mr Pawson, the acquisition provides scale to invest in new banking capabilities and improve the value of its products to new and existing customers.
At the time of writing, the share price for ANZ had risen by 0.23 of a percentage point to $27.98 per share.
The Kina Securities share price has also pushed higher this morning on the news, which Kina described as a company “milestone”, up by a little over 1 per cent to $1.37.
ANZ has previously announced the sale of its retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam, as well as its joint venture stakes in ANZ Royal in Cambodia and Metrobank Card Corporation in the Philippines.
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