The Independent Consumer and Competition Commission (ICCC) wishes to inform stakeholders and the general public that relevant parties to this proposed sale; namely Kina Bank and Westpac PNG, have already approached the ICCC for initial consultations.
The ICCC has received verbal undertaking from the parties that they will go through the relevant processes required under the Independent Consumer and Competition Commission Act, 2002 (ICCC Act) to seek ICCC’s approval before completing the proposed transaction.
ICCC Commissioner and Chief Executive Officer, Paulus Ain, said that the ICCC is aware of the proposed deal and is awaiting the parties to submit a clearance application to start the process required under the ICCC Act.
“I am also urging the public and key stakeholders to be part of the public consultation process and make submissions or comments when the ICCC makes calls for comments on the clearance application.”