Ahead of its September 30 balance date for its 2018-19 financial year ANZ Bank has completed the sale of its retail and small business banking operations in Papua New Guinea.
The deal has been mooted for some time and will leave the ANZ to concentrate on institutional and large corporate banking in PNG.
Managing director of institutional Australia and PNG, Graham Turley, said the previously flagged sale was in line with its strategy of having an institutional banking network that was focused on trade and capital flows.
“We have been in PNG for 109 years and we continue to see significant opportunities for business and economic growth through long-term investment and support of the resources, energy, infrastructure and agriculture sectors,” Mr. Turley said in a statement yesterday morning.
It is the latest move to cut its overseas exposure (outside NZ). ANZ has previously quit its retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia, and Vietnam.
ANZ did not say how much it would receive from the sale to Kina Securities, which is listed on the ASX and the Port Moresby Stock Exchange.
ANZ shares rose 0.07% to $27.93.