Kina Bank intends to retain the Westpac commercial banking license and create a new brand that they intend to compete with Kina Bank itself, BSP and ANZ with a specific focus on financial inclusion, MSME, SME and the commercial segments of both PNG and Fiji.
Currently working through the formal submissions with regulators Kina Bank has revealed this as part of the proposed acquisition of Westpac.
Whilst reaffirming PNG’s position as the largest economy in the Pacific, this multi-brand approach will improve competition, improve customer choice, and lower the cost of banking for everyone. A multi-brand strategy means there would be no branch closures, no reduction in the in-store network and no job losses.
Kina Banks sees this approach for it to have greater capability to expand branches and their in-store network even further, providing more access for harder-to-reach communities.
The newly branded bank will be independent and separate from the existing Kina Bank brand and will be governed by an independent PNG based board of directors. There will also be significant opportunities for anyone in PNG to invest and participate in the ownership of the new brand through Kina Securities Limited.