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ASX/POMSoX Announcement

03 February 2015

KINA STRENGTHENS MANAGEMENT TEAM

Papua New Guinea banking and financial services group Kina Securities Ltd (ASX:KSL) has strengthened its senior management team following the successful completion of its merger with Maybank PNG.

Fresh from the integration of Maybank under the Kina brand and banking systems, Kina’s expanded business is performing in line with management expectations. The Company will be releasing its full year results in late February. The pro-forma profit after tax for the year to December 2015 will exceed the forecast included in the prospectus for the July 2015 listing of Kina Securities.

To support the continued growth and profitability of the Company, a range of senior executive appointments has been made to position the company for the future.

  • Chetan Chopra has been appointed as Chief Financial Officer, reporting to CEO Syd Yates. Mr Chopra is a widely experienced finance executive and joins Kina after spending the past two years as CFO of PNG’s largest superannuation fund, Nambawan Super.

    An accountant by profession, Mr Chopra previously worked for many years as a PNG partner for KPMG and as CFO for Dunn and Bradstreet South Asia. He also has held a number of senior leadership roles in private companies and public sector organisations, including the Australian Taxation Office. He will commence in the role in early April.

  • Danny Robinson has been appointed Executive General Manager of Banking, responsible for the implementation of the group’s ambitious growth targets as Kina establishes itself as a new force in PNG retail and business banking sectors following the Maybank acquisition.

    Mr Robinson has had a long and successful career in financial services, having held a variety of senior executive roles at Suncorp Metway, commencing in 1997. These roles included General Manager of Commercial Banking, Executive General Manager of Specialist Sales and Service and Head of Business Customers. Most recently, he worked in an executive capacity within Suncorp’s risk management section. He brings a wealth of experience and a successful track record of establishing Suncorp’s distribution networks in new markets and achieving outstanding asset growth while delivering enviable customer service standards.

  • To reflect the continued focus on risk management, Michael Van Dorssen, who previously served as General Manager for Kina Finance from 2007, has been appointed as Chief Risk Officer for the group, reporting to Mr Yates. Michael will oversee the development and implementation of robust and sophisticated risk management practices and systems across the company to ensure that Kina’s rapid growth plans are appropriately managed.

CEO Syd Yates said he was delighted to be announcing the appointment of such outstanding banking professionals.

“These people bring a depth of international banking experience to our company, as well as great enthusiasm and drive to ensure that Kina achieves its ambitious goals over the coming years.”

“Importantly, they also share our deep commitment to bringing top quality financial services to the people of PNG.”

“I am pleased with the financial performance of the company in the few months since the Maybank acquisition has been completed, and look forward to reporting that progress to the market in the coming weeks.”

“Notwithstanding some slowing in the PNG economy due to depressed commodity prices, underlying demand and activity in Kina’s target markets remains resilient. The market response since our public listing has been most encouraging, and we remain confident that our strategy and business model provide shareholders with ample opportunity for growth and increasing returns over time,” Mr Yates said.

pdfPress Release

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