ANZ finalises sale of PNG Retail, Commercial and SME businesses to Kina Bank

Company News

by Anna Napoli

ANZ (ASX:ANZ) has today announced the completion of the sale of its retail, commercial and small-medium sized enterprise businesses in Papua New Guinea to Kina Bank.

The ASX-listed Kina Group, which owns Kina Bank, will become PNG's second largest retail bank on the back of the acquisition.

ANZ announced the sale of a business that includes 15 branches in June 2018.

ANZ says it will now focus solely on its institutional and large corporate banking business in country.

Shares in ANZ (ASX:ANZ) closed 0.29 per cent higher at $27.91 on Friday.