Westpac's sale of its Pacific businesses has been rejected by Papua New Guinea's competition regulator

Westpac's sale of its Pacific businesses has been rejected by Papua New Guinea's competition regulator.

Market Watch reports the Australian lender said that Papua New Guinea's Independent Consumer and Competition Commission has released a final determination confirming it had denied authorization.

Westpac Banking Corp in December announced plans to sell Westpac Fiji and Westpac's 89.91% stake in Westpac Bank PNG Ltd to Kina Securities Ltd for up to AUD$420 million. The sale was subject to regulatory approvals in Fiji and Papua New Guinea.

Westpac acknowledges the ICCC's determination and will continue to operate these businesses while it reviews the impact on the sale to Kina Bank.