Public Consultation on Kina’s Proposed Purchase of ANZ

  • PUBLIC CONSULTATION ON AUTHORISATION APPLICATION BY KINA BANK LIMITED FOR THE PROPOSED ACQUISITION OF THE RETAIL, COMMERCIAL AND THE SME BANKING BUSINESSES OF ANZ(PNG) LTD.

    The Independent Consumer and Competition Commission (“ICCC”) wishes to inform industry stakeholders and the general public that it has received an application from Kina Bank Limited (“Kina”) seeking Authorisation for the proposed acquisition of the retail, commercial and SME banking businesses (the Proposed Acquisition) of Australia and New Zealand Banking Group (PNG) Limited (“ANZ”). The application was made pursuant to Section 82 of the Independent Consumer and Competition Commission Act 2002 (the ICCC Act).

    Authorisation for business acquisitions is a statutory process and it is carried out in a transparent manner. It requires the ICCC to seek comments and submissions from persons and other key stakeholders who may have an interest in the matter before determining the application.
    Therefore, the ICCC is inviting organisations and individuals to submit their comments on the likely pro and anti-competition implications of the Proposed Acquisition; and its likely benefits or detriments to other businesses, consumers, the economy and the country.

    Persons and stakeholders making submissions on this matter should be aware that any information provided will be treated as public, except where information is designated as “confidential” by the author of the submission(s).

    Where confidential information is to be submitted, please contact us to collect the appropriate form to formally register your request; and must provide reason(s) as to why the information you provide should not be disclosed to the public. The ICCC will assess the request and decide on the confidentiality claim(s), but not all such claims are granted. Section 131 of the ICCC Act governs
    confidentiality arrangements.

    All Submissions and comments should reach the ICCC by Wednesday, 6th February, 2019.
    A copy of the authorisation application can be provided by our head office upon request or it can be accessed on the ICCC website; www.iccc.gov.pg.

    Below is the tentative timetable setting out key activities to be undertaken in assessing the applications.

    Main activities Start date End date
    Public consultation 22nd Jan, 2019 6th Feb, 2019
    Conference (if called) 25th Jan, 2019 04th Feb, 2019
    Issue of Determination 27th Mar, 2019

    All queries relating to this matter should be directed to Mr. Steven Sugl, Executive Manager of the Competitive Markets and Fair Trade Division: ssugl@iccc.gov.pg or on telephone: 325 2144.
    All comments and submissions should be addressed to Mr. Paulus Ain, Commissioner and Chief Executive Officer of the ICCC using the address provided below:

    Independent Consumer and Competition Commission
    1st Floor Garden City Complex
    Angau Drive
    PO Box 6394
    BOROKO
    National Capital District
    Telephone : (675) 325 2144
    Facsimile : (675) 325 3980
    Authorized by:
    ……………………………………..
    Mr. Avi Hubert
    Acting Chief Executive Officer

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