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ANZ completes sale of PNG retail banking

ANZ has completed the sale of its retail, commercial and small-medium sized enterprise businesses in Papua New Guinea to Kina Bank.

The ASX-listed Kina Group, which owns Kina Bank, says it has become PNG’s second largest retail bank with the acquisition.

ANZ announced the sale of a business that includes 15 branches in June 2018, saying it would focus on institutional and large corporate banking in PNG.

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