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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”. ....