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Westpac’s Pacific sale hits a roadblock

Westpac’s planned sale of its Pacific businesses has hit a roadblock, with Papua New Guinea’s Independent Consumer and Competition Commission saying it proposes to deny authorisation to Kina Securities for the deal.

Westpac announced last December that would sell Westpac Fiji and its 89.9 per cent stake in Westpac Bank PNG Ltd to PNG’s Kina Securities for around A$420 million.

The transaction requires the approval of the PNG ICCC, which released a draft determination yesterday saying it proposes to deny authorisation (the draft was not available on the commission’s website).

Westpac issued a statement saying it and Kina were reviewing the draft determination and would make further submissions before the final determination is issued in September.

 

 

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