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).
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”.