Westpac Group appoints KFC marketer as CMO mumbrella.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mumbrella.com.au Daily Mail and Mail on Sunday newspapers.
Westpac wraps up asset finance business sale theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
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.
Mortgage Business
Westpac sale of Pacific businesses stymied by ICCC By Annie Kane 30 July 2021
The major bank has said that it is committed to the sale of its Pacific businesses despite a competition regulator knocking back their proposed acquisition.
In December 2020, Westpac Group announced that it was to sell Westpac Fiji and the bank’s 89.91 per cent stake in Westpac Bank PNG Ltd to Kina Securities Ltd (whose subsidiary Kina Bank bought ANZ’s retail, commercial and SME banking business in 2019).
The Westpac deal was estimated to be around $420 million and is subject to regulatory approvals in both Fiji and Papua New Guinea (PNG).