ICCC Rejects Stake Sale of Westpac’s Pacific Business

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Reuters has reported that Papua New Guinea’s competition regulator, the Independent Consumer and Competition Commission has rejected Kina Securities’ reportedly A$420 million proposed stake acquisition in Westpac Banking Corp’s Pacific operations.

The report states that ICCC “raised concerns that the deal would not result in “benefits that outweigh detriments to public” and would lessen competition in the country’s market.

Westpac said both parties were reviewing the regulator’s draft and would make further submissions to ICCC before it takes a final decision on the deal in September.

In March this year, the Post Courier reported that Kina Securities had filed an application to the ICCC for the authorization of 89.91% stake in Westpac’s Pacific business arm.

Reporting by Anushka Trivedi in Bengaluru