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Reuters
Reuters
Business

Australia's ANZ sells some Papua New Guinea businesses to local bank

FILE PHOTO: A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia October 25, 2017. REUTERS/Steven Saphore/File Photo

(Reuters) - Australia and New Zealand Banking Group <ANZ.AX> said on Monday it would sell its Retail, Commercial and Small-Medium Sized Enterprise (SME) banking businesses in Papua New Guinea (PNG) to Kina Bank, to focus on institutional and large corporate banking in the region.

ANZ previously announced the sale of its retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam.

In a separate statement issued by Kina, it said it was buying the ANZ PNG businesses for PGK24.2 million ($7.19 million).

(Reporting by Rushil Dutta in Bengaluru; Editing by Peter Cooney)

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