PNG regulator may block sale of Westpac's Pacific businesses

Tue, 27 Jul 2021

Westpac said a regulator in Papua New Guinea is planning to block the sale of its Pacific businesses, including its 89.9% stake in Westpac Bank PNG, to Kina Bank for up to A$420 million.PNG-based Kina Bank was established in 1985 and is listed on both the ASX and the Port Moresby Stock Exchange while Westpac's Pacific business includes a bank in Fiji.At Sept 30, 2020, Westpac Pacific had net assets of A$580m, net loans of A$1.58 billion and deposits of A$2.34b and generated cash earnings of about A$11m in its latest financial year.Kina'...

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