Australia and New Zealand Banking Group (ANZ) has signed an agreement to divest it retail, commercial and small-medium sized enterprise (SME) banking businesses in Papua New Guinea (PNG) to local lender Kina Bank.

The divestment is part of the bank’s strategy to focus on institutional and large corporate banking operations in the market.

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ANZ managing director, Institutional Australia Graham Turley said: “We remain committed to running a world-class Institutional and Large Corporate banking business in PNG, where we see great opportunities for growth.

“ANZ has been in this market uninterrupted for more than a century and we continue to have a positive outlook for the PNG economy.

“Our retail, commercial and SME operations in PNG are strong, successful businesses that will benefit from Kina Bank’s focus on retail banking.”

The scope of divestment includes all 15 ANZ branches which will continue to offer same services. All staff deployed at these branches will also migrate to Kina Bank as part of the deal.

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With nearly A$150m in lending assets and A$450m in deposits, these business segments served around 85,000 retail and 6,000 Commercial and SME customers.

The transaction is expected to be completed by late next year, subject to regulatory approval.

Listed on the Australian and Port Moresby securities exchanges, Kina Bank is a wholly-owned subsidiary of Kina Securities.

Earlier ANZ announced plans to divest its retail and wealth businesses in other South-East Asian countries including Singapore, Hong Kong, China, Indonesia, Taiwan and Vietnam.