Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

ANZ sells off Pacific assets

By Cameron Micallef · September 23 2019
Reading:
egg
Papua New Guinea

ANZ sells off Pacific assets

author image
By Cameron Micallef · September 23 2019
Reading:
egg
Papua New Guinea

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”.

Advertisement
Advertisement

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.

ANZ sells off Pacific assets
Papua New Guinea
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Copyright © 2019 MOMENTUM MEDIA