ANZ Leaving PNG – Customer FAQs

  • On 25 June 2018, we announced an agreement to sell our Retail, Commercial and Small-Medium Sized Enterprise (SME) banking businesses in Papua New Guinea to Kina Bank, to focus solely on Institutional and Large Corporate banking in the market.

    Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby stock exchanges.

    The transaction remains subject to final regulatory approval from the Bank of Papua New Guinea.

    The sale includes all 15 ANZ branches, and ongoing roles for all relevant staff in PNG.

    To ensure an orderly transition of ownership, we will continue to manage the Retail, Commercial and SME businesses until the transaction is complete late 2019, when Kina will take control.

    There is no impact to our Institutional and Large Corporate banking businesses in PNG, where we see opportunities for growth and have a positive economic outlook.

    Why has ANZ sold its Retail, SME and Emerging Corporate banking business?

    The transaction follows a strategic review of our retail and wealth operations in Asia, as we looked at options to simplify the bank, distribute capital more efficiently across the group and focus on trade and capital flows throughout the Asia-Pacific region.

    The decision to sell our Retail, Commercial and SME banking business in PNG to Kina is in line with our group strategy, and in no way impacts our Institutional or Large Corporate banking business in PNG, or alters our commitment to the market.

    This follows recent announcements of the sales of our retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia, Vietnam and Cambodia.

    Will ANZ have a presence in PNG following the sale of Retail, Commercial and SME banking businesses?

    Yes. This transaction with Kina in no way impacts our Institutional or Large Corporate banking business in PNG, or alters our commitment to the market.

    We continue to have a positive outlook for the PNG economy and see great opportunities for growth.

    Retail, Commercial and SME Customer FAQs

    I’m an ANZ Bank customer, why would I want to be a customer of Kina when the sale of ANZ stake is finalised?

    Kina, established in October 1985, is currently the fourth largest bank in PNG, with more than 11,000 clients, six branches and an expanding electronic network.

    ANZ’s Retail, Commercial and SME operations in PNG are strong and successful businesses which will benefit further from Kina’s appetite to grow and invest in them.

    This transaction includes the 15 ANZ branches in PNG, along with all staff in PNG who support the Retail, Commercial and SME banking business, which means continuity for customers who currently bank with ANZ but are moving to Kina.

    How will this impact my banking (i.e. do I need to move my bank account)?

    This has no immediate impact to your banking, it is business as usual.

    To ensure an orderly transition of ownership, ANZ will continue to manage the business until the transaction is complete which is expected to take be completed late 2019, when Kina will take control. We will keep you updated along the way.

    We are committed to supporting our Retail, Commercial and SME banking customers in PNG during this time to ensure a smooth transition.

    When can I expect the transition to take place?

    We anticipate this process will take up to 18 months to complete. We will keep you updated along the way.

    Do I need to move any of my bank accounts?

    No, there is no need to take any immediate action as nothing changes during the transition period.

    What will happen to my existing ANZ loan, credit cards etc.?

    There are no changes to your banking relationship with us. Your existing terms and conditions, repayments, interest rates, fees & charges as well as benefits will continue to apply during the transition period.

    What happens if I’m waiting for an application to be approved, or I’m in the process of renewing a product (i.e. term deposit)?

    There are no changes to our product and service offering, and any new applications will be progressed according to existing terms and conditions.

    You can continue banking normally with ANZ.

    As an ANZ customer can I now access Kina products and services?

    For the time being nothing will change, you will still continue to be able to use ANZ branches, ATMs, products and services.

    It’s important to note until ANZ has finalised the sale of its Retail, Emerging Corporate and SME banking business to Kina, you will not have access to any Kina products or services beyond any pre-existing arrangements.

    What if I do not want to bank with Kina when the sale is finalized?

    To ensure you continue to receive a world class banking service we will be encouraging our customers to transfer from ANZ to Kina as part of the transaction.

    However, if you do not wish to be transferred, you will have your accounts closed in line with underlying product terms and conditions and relevant laws, and your deposit will be transferred to the account/ bank of your choice.

    Institutional and Large Corporate Customer FAQs

    If I’m an Institutional or Large Corporate banking customer, what does this mean for me?

    This sale in no way impacts our Institutional or Large Corporate business in PNG.

    We see no likely disruption to our services and continue to see opportunities for growth in this part of our business.

    What will happen to my existing ANZ loan, credit cards etc.?

    There are no changes to your banking relationship with us. Your existing terms and conditions, repayments, interest rates, fees & charges as well as benefits will continue to apply.

    I am an ANZ EFTPOS Merchant. Are Kina providing these facilities? Do I need to open an account with them?

    There are no immediate changes to your banking relationship with us.

    In due course, Kina will be taking over and re-branding the ANZ EFTPOS fleet, but we will keep you updated ahead of any changes and inform you of any actions you need to take.

    My company uses the ANZ branch network for our banking – what happens now?

    This has no immediate impact to your banking, it is business as usual.

    When the sale is complete, to support Institutional and Large Corporate customers we will operate non-retail branches in Port Moresby, Lae and Goroka.

    For those Institutional and Large Corporate Customers located outside of these key business centers, arrangements have been made with Kina Bank to support your business banking needs on our behalf.

    For the time being nothing changes, we will keep you updated as the transition progresses.

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