PNG regulator blocks Westpac sale
September 14, 2021 4:25 pm
The sale of Westpac’s Pacific operations has been blocked by Papua New Guinea’s competition regulator.
Australia Financial Review says that PNG’s Independent Consumer and Competition Commission has knocked back a $646.4 million offer from Kina Securities to buyout Westpac PNG.
The Commission has issued a draft ruling denying clearance to sell Westpac’s 89.91% stake in Westpac Bank PNG Limited.
Until today, the deal was considered all but done, awaiting regulatory clearance in both Fiji and Papua New Guinea.
It is not known at this stage how the PNG decision will affect the sale of Westpac Fiji as part of the red bank’s Pacific operations.
Westpac had been looking to sell both its Fijian banking business and its stake in Westpac PNG to Kina Bank.
In response to FBC News Westpac says they will continue operations while reviewing the impact of the PNG regulators decision on the sale to Kina Bank.