Kina Bank

PNG’s debut in sovereign bond market applauded

Investment bankers Citigroup and Credit Suisse were joint lead managers and book runners for the deal, which garnered significant interest with some reports stating demand was USD3.3 billion, mostly from the USA. Nasdaq reported that the bond has a 10 year maturity and will carry a yield of 8.375 percent.

ANZ selling Papua New Guinea assets

Kina Bank is a subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby securities exchanges.

In a release, ANZ said its agreement to sell allows it to "focus solely on Institutional and Large Corporate banking in the market".

It said the move is also in line with ANZ's simplification strategy, while also supporting customers with trade and capital flows in the region.

The sale includes all 15 ANZ branches with ongoing roles for all relevant staff in PNG.

Kina Bank records increased income

This is up 11 percent from the previous corresponding period.

In its 2017 Full Year Result, Kina Bank said this was achieved by driving loan book growth while ensuring careful management of cost of funds and yield on interest earning assets.

Interest income from investments grew by 17 percent or K2.8m, while interest income on loans grew by 32 percent or PGK19.3m.

In 2017, bank fees and commissions income grew by 11 percent, reflecting growth in lending and retail customer segments.