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Westpac (ASX:WBC) share price on watch after asset sale blocked
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Westpac PNG sale blocked by ICCC
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Reserve Bank of Fiji provides conditional approval to Kina Securities Limited
Reserve Bank of Fiji provides conditional approval to Kina Securities Limited
Reserve Bank of Fiji Governor Ariff Ali. [Image: File Photo]
The Reserve Bank Board has resolved that a conditional approval be granted on Kina Securities Limited’s application to take over Westpac Fiji.
The Westpac Group had announced on 7th December last year, its intention to sell the Westpac Pacific Business (Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited) to Kina Securities Limited, subject to regulatory approvals in Fiji and PNG, and Kina Securities shareholder approval.
The Fiji Times » RBF grants conditional approval to Kina Securities for Westpac Fiji acquisition
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Regulator knocks back Westpac’s sale of Pacific businesses By Neil Griffiths 27 July 2021
Westpac remains committed to the sale of its Pacific businesses despite a competition regulator knocking back a proposed acquisition.
The sale of Westpac Fiji and the bank’s 89.91 per cent stake in Westpac Bank PNG Limited to Kina Securities Limited for up to $420 million was announced in December last year. However, on Monday, the PNG Independent Consumer and Competition Commission (ICCC) issued a draft determination stating it is “not currently satisfied that the acquisition will not, or will not likely, have the effect of substantially lessening competition in the relevant markets identified”.