Westpac Pacific Ends Sale of Pacific Businesses to Kina Bank

Fazzaco learned that Westpac, an Australian bank and financial services provider, has reached an agreement with Kina Securities Limited (ASX:KSL) (Kina Bank) to terminate the sale of its Pacific businesses.

According to the official press release, the sale includes Westpac Fiji and Westpac's 89.91% stake in Westpac Bank PNG Limited. The termination follows last week’s decision by Papua New Guinea's Independent Consumer and Competition Commission (ICCC) to deny authorisation for the proposed acquisition.

​Westpac will continue to operate these businesses and support its Pacific customers while assessing other exit options in line with its focus on banking in Australia and New Zealand. 

​Let's recall that, this transaction was firstly announced back to 7 December 2020. Earlier this month, Westpac announced that its sale of Pacific businesses has been denied by ICCC​.