Australian based multi-national bank, Westpac, has been forced to continue to operate its banks in Fiji and Papua New Guinea.
Westpac announced last year it was selling its majority shareholdings in Westpac Fiji and Westpac Bank PNG Ltd for up to $AU420 million dollars.
Its preferred buyer was Kina Securities but the PNG Consumer and Competition Commission, the ICCC, has denied authorisation for the sale to Kina Securities.
Westpac has today announced that it will continue to operate the Pacific businesses while it reviews the impact of the decision on Kina Securities.
Source:
RNZ Pacific