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ANZ sells off Pacific assets

  • September 23 2019
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Invest

ANZ sells off Pacific assets

By Cameron Micallef
September 23 2019

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.

Papua New Guinea

ANZ sells off Pacific assets

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  • September 23 2019
  • Share

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.

Papua New Guinea

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”.

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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
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. 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 leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. 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 leverage their insights to grow your portfolio.

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