Westpac sells Pacific arm to Kina Securities – The Australian Financial Review

ASX-listed PNG bank owner Kina Securities has secured Westpac Banking Corp’s Pacific unit.
Westpac has sold its Pacific arm to Kina Securities. Jessica Hromas
Street Talk understands Kina has beaten French bank BRED-Banque Populaire in the race for Westpac’s Pacific arm, and a deal was expected to be announced as early as Monday morning.
The acquisition would almost triple Kina’s presence in the region, sources said. The company already owns PNG’s second-largest retail bank, with 21 bank branches…

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