Kina Securities to acquire Westpac' Pacific businesses for $312m.

Kina Securities, an Australia-based financial services provider, agreed to acquire Westpac Pacific, which runs commercial banks in both Fiji and PNG, from Westpac, an Australian bank and financial services provider, for $312m. Completion of the transaction is subject to various regulatory approvals in Fiji and PNG and Kina shareholder approval. Completion is expected to occur in the Second Half of FY2021. “Choosing the right purchaser for our businesses is important to us, our people and the communities we serve. We are pleased our Pacific businesses are being acquired by Kina Bank. Kina is a strong brand in the region and is well positioned with deep local knowledge to continue to help our consumer and business customers succeed," Jason Yetton, Westpac CEO. On July 26, 2021, Papua New Guinea’s regulator blocked the deal because of the possibility of lower competition. The final decision is due in September.