Why PNG knocked back Westpac's $420m deal
Jul 27, 2021 â 12.19pm Save Share Papua New Guineaâs biggest lender, Bank of South Pacific, defied market orthodoxy in January when its chief executive, Robin Fleming, argued forcefully against Westpacâs proposed $420 million sale of its operations in the country to rival lender Kina Securities. Bank of South Pacific CEO Robin Fleming. Convention would hold that an acquisition aimed at reducing PNGâs oligopoly of three banks to two would benefit BSP â and its lenders â as the dominant lender in the Pacific country. Indeed, an Australian Treasury paper by form...
Source: afr.com