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ANZ completes sale of Papua New Guinea retail, commercial business

Australia & New Zealand Banking Group Ltd. completed the sale of its retail, commercial and small-medium sized enterprise banking business in Papua New Guinea to Kina Securities Ltd. unit Kina Bank Ltd.

The move will allow ANZ to focus solely on its institutional and large corporate banking business in Papua New Guinea, according to a Sept. 23 from the Australian banking group.

In June 2018, ANZ agreed to sell its retail, commercial and small to midsize enterprise banking businesses in Papua New Guinea to Kina Bank for 24.2 million kina, or about A$10 million.

The sale to Kina Bank included ANZ's 15 retail branches, 72 ATMs, more than 1,800 electronic funds transfer at point of sale, or EFTPOS, machines, as well as relevant staff in Papua New Guinea. It also includes ANZ's retail and commercial customer deposits and loans in the country.

As of Sept. 20, US$1 was equivalent to 3.40 Papua New Guinean kina.