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.

FEATURE NEWS
Restaurant/shop in Toorak closed after traces of rat faeces and presence of pests found inside
A restaurant/ shop in Toorak, Suva has been closed by the Health Inspectors from the Ministry of Health and Medical Services Food Unit after it failed...
2 hours ago
LATEST NEWS
Excitement builds up as Hibiscus Festival coming back after 5 years
Excitement is in the air as Suva braces to hold the mother of all festivals, the Miss Hibiscus Festival which will be held after a lapse of 5 ...
22 minutes ago

Westpac grant recipient, Raina thrives at India University
Raina Ram who is pursuing a Bachelor of Science in Forensic Science in Gujarat, India, is now on her final semester and recalls the moment that ...
1 hour ago

Calls being made to include people aged 60 years in the social welfare allowance scheme
The government should look into including people aged 60 years in the social welfare allowance scheme in the upcoming National Budget to assist those ...
2 hours ago

ODPP waits for police investigation file in amusement ride case
The Office of the Director of Public Prosecutions is still waiting for the police investigation file in the case of the amusement ride incident that ...
3 hours ago

Catanasiga and Kotobalavu confirm their appearance on fijivillage Straight Talk With Vijay Narayan at 7pm tomorrow
Fiji Council of Social Services Executive Director Vani Catanasiga and Fiji Public Service Association General Secretary, Judith Kotobalavu have ...
4 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Crisis within FijiFirst relating to the termination of 17 MPs who voted for salary increases
A crisis has erupted within the FijiFirst party relating to the termination of 17 members of parliament who supported the government's motion to ...
4 days ago

Pre-Budget 2024-2025
Pre Budget 2024-2025 budget recommendations and an insight of what people on the ground wish to see in the National Budget
6 days ago

Sayed-Khaiyum case on alleged payment of Saneem's taxes without proper approval
It is alleged that between the 30th of June, 2022 and the 12th of July, 2022 in Suva, whilst being employed in the civil service as the Acting Prime ...
7 days ago

TOP