Bank outlines plans for the Pacific operations
KINA Bank is set to provide lower cost of banking for customers in Fiji operating under a new name and separately governed.
This was according to a statement released by the bank outlining its plans for the Pacific.
It was stated the proposed acquisition of Westpac’s Pacific businesses would promote a stronger, publicly listed regional bank enabling Kina to focus on greater customer service and lower the cost of banking for everyone in Fiji and PNG.
Kina Bank’s chief executive officer Greg Pawson said they would be able to drive innovation and introduce more choice.
“With the proposed acquisition, we will be able to introduce fee free banking options; a new suite of world-class digital products and services; and we will be able to re-price business lending, making it more cost-effective for business customers to access funding,” he said.
“We will also be able to make significant investment in the branch network, technology and systems.”
Mr Pawson said Kina’s strategy was to create an independent brand-new bank, to operate separately from Kina Bank.
“The newly branded bank will have a new name and be separate from Kina Bank operations – and it will be governed by independent, local boards of directors in both Fiji and in Papua New Guinea (PNG).”
He said the newly branded bank would compete directly and vigorously with BSP, ANZ and Kina Bank.
“It’s a really positive story and it will be a great outcome for customers from a service and product perspective.
“Creating a brand-new bank means there will be more customer choice, more competition and more innovation,” added Mr Pawson.
It was stated as part of the sale agreement, Kina Bank had committed to jobs for all local employees across the Pacific, and to maintaining the current Westpac network as it currently stands with no reduction in branches, ATMs or instores.
“In fact, we will have greater capability to expand the branch and instore network even further, providing more access for harder to reach communities,” said Mr Pawson.
“It means there will be no disruption to customers.
“No significant changes to systems or processes or the way customers go about doing their business – most importantly there will be no change to the local banking staff that customers know and trust.
“Only the name above the door changes,” he said.
Mr Pawson also said there would be significant opportunity for anyone to invest and participate in the ownership of the business through Kina Securities Ltd.
“The proposed acquisition of Westpac’s Pacific businesses will also pave the way for local investors.
“Anyone can buy shares in the newly branded bank through Kina Securities Ltd.
“It means investors can become part of an ASX/PNGX listed company and it’s a great opportunity for anyone who wants to be part of Kina’s growth and success.”