Maybank completes sale of PNG assets

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has completed its exit from Papua New Guinea (PNG) following the sale of its stakes in Maybank (PNG) Ltd (MPNG) and Mayban Property (PNG) Ltd (MPPNG).

Maybank said on Wednesday the assets were disposed of to Kina Ventures Ltd for RM546.8mil following the May 18 share sale agreement. The sale was undertaken following approval from the Central Bank of Papua New Guinea.

Group president and CEO of Maybank, Datuk Abdul Farid Alias congratulated Kina Ventures Ltd on becoming an integrated financial service provider in PNG upon the successful completion of this transaction.

“We have worked diligently to ensure that the transition was smooth for our customers so that they continue to enjoy the same range of services without any disruption to their accounts, facilities and banking relationships,” he said.

Farid added that although the group would no longer have on-ground operations in PNG, Maybank would continue to support clients from PNG who have business or personal banking dealings in the region as well as facilitate transactions into PNG from across Maybank’s global network.

The disposal of MPNG and MPPNG was announced as part of Maybank Group’s evaluation of its international operations, specifically to maximise capital use and optimise resources.

Maybank established operations in PNG in 1994 to serve the local community and cross-border clients, and has been operating profitably and successfully in Papua New Guinea over the years.