Reserve Bank of Fiji provides conditional approval to Kina Securities Limited

Reserve Bank of Fiji provides conditional approval to Kina Securities Limited

By Vijay Narayan
Friday 30/07/2021
Reserve Bank of Fiji Governor Ariff Ali. [Image: File Photo]

The Reserve Bank Board has resolved that a conditional approval be granted on Kina Securities Limited’s application to take over Westpac Fiji.

The Westpac Group had announced on 7th December last year, its intention to sell the Westpac Pacific Business (Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited) to Kina Securities Limited, subject to regulatory approvals in Fiji and PNG, and Kina Securities shareholder approval.

To effect the acquisition of Westpac Fiji, Kina Securities had submitted its application for a licence to conduct business in Fiji as a commercial bank through its wholly owned subsidiary, Kina Securities (Fiji) Pte Limited or KSF, on 19th February 2021.

While announcing the Board’s decision, RBF Governor and Chairman of the Board, Ariff Ali stated that the receipt of Kina Securities application for a commercial banking licence in Fiji, resulting from its interest to acquire the Westpac Fiji operations, has been viewed as bold particularly at a time of economic recession in Fiji and globally, due to the COVID-19 pandemic.

Ali says the proposal by Kina Securities is acknowledged as a commitment by a Pacific based financial institution to expand aggressively in a region still trying to recover from the downside effects of the pandemic.

Governor Ali says while the decision on Kina Securities application to acquire Westpac PNG remains pending at this time due to the likelihood of lessening competition in Papua New Guinea’s banking sector, the acquisition of Westpac Fiji will not affect domestic competition as six banks will continue to operate in Fiji.

The Reserve Bank of Fiji will continue to monitor developments relating to Kina Securities proposed acquisition of Westpac PNG, and any impact it may have on the Westpac Fiji acquisition.

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
11 hours ago

258,000 people lived under the Basic Needs Poverty Line according to the 2019-20 Household Income and Expenditure Survey
Survey says almost one in five school aged children in Fiji are educationally deprived
6 days ago

Debate on the Bill to Amend the iTaukei Land Trust Act
Debate on the Bill to Amend the iTaukei Land Trust ...
52 days ago
FEATURE NEWS
Opposition MPs calls rejected for Electoral Registration of Voters Amendment Bill to be referred for public consultation
The calls made by the Opposition parliamentarians have been rejected today for the government to refer the Electoral Registration of Voters Amendment ...
4 hours ago
LATEST NEWS
Rabuka assures Indian High Commissioner that the People’s Alliance is an inclusive party
Former Prime Minister and Leader of the People's Alliance Party, Sitiveni Rabuka has assured the new Indian High Commissioner that the People’s ...
58 minutes ago

COVID-19 vaccination starts for 15 to 17 year olds in Fiji
Prime Minister Voreqe Bainimarama has highlighted that the Moderna vaccine is first being administered to 15 to 17-year-olds who are nearing the end ...
1 hour ago

Sayed-Khaiyum should sack the Supervisor of Elections – Nawaikula
The Interpretation Amendment Bill 2021 will be debated in parliament this Wednesday. Attorney General, Aiyaz Sayed-Khaiyum says this bill has been ...
1 hour ago

Household Income and Expenditure Survey is flawed – Dr. Reddy
Minister for Agriculture, Dr. Mahendra Reddy says the 2019-20 Household Income and Expenditure Survey is flawed because the data for two different ...
2 hours ago

The Speaker has not prevented debate on the floor of the parliament – Ratu Epeli
Speaker of Parliament, Ratu Epeli Nailatikau stresses it is important to note that the parliamentary business committee will have the final say in ...
6 hours ago

TOP