The Winner: Rowland:  Kina Securities acquisition of Maybank PNG and dual listing on the Australian and Port Moresby Stock Exchanges

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In May 2015, Papua New Guinea’s Kina Securities commenced its acquisition of Malaysian-owned Maybank (PNG) and its listing on the Australian Securities Exchange and Port Moresby Stock Exchange. The successful completion of the acquisition and IPO saw Kina become the fourth-largest bank in PNG, its largest wealth management business and its top stockbroker.

Kina engaged Rowland to develop a strategic plan to guide all external and internal communications throughout the process and to develop a new brand for the group.

Rowland’s preliminary research identified a number of challenges, including investor perceptions of instability in PNG and a lack of awareness of the Kina business plus cultural differences between Australia and PNG. In addition, Kina’s access to Maybank’s employees and customers was restricted before the deal was completed.

Rowland developed a compelling story to differentiate Kina as an end-to-end financial services provider and a home-grown success that understood the aspirations of PNG and its people.

Articulating Kina’s story was crucial in attracting investors and providing assurances around the company’s financial track record and investment potential. Rowland sought to instil confidence in Kina among the Asia Pacific investor community with roadshows, speaking engagements, media interviews and letters to key stakeholders, plus a dedicated investor website.

Internally, Kina and Maybank employees were offered shares to help galvanise the workforce. Employee communication focused on building readiness for the transition to a new Kina Bank. Channels included face-to-face forums, intranet updates and a regular bulletin with Q&As to help staff understand what the merger meant for them, provide updates on key milestones and equip them for a smooth transition.

Toolkits were developed for customer-facing staff to get the message right. This was especially critical for Maybank employees who had minimal information about the merger due to transaction requirements. Kina staff ‘buddied’ with Maybank staff from day one to help respond to customer inquiries.

The first phase of the customer campaign focused on quickly reaching Maybank customers so they had information to access their banking services. Branch staff were stationed at Maybank ATMs to support customers. Frontline staff were equipped with welcome flyers to explain the changes and introduce the Kina brand. A separate campaign involving  traditional media, advertising and social media drove the external brand launch two months after the acquisition.

The listing was a success, with strong support from institutions and retail investors in both Australia and PNG. Media commentary was favourable.

Employees showed their commitment with a full take-up of the shares on offer and minimal disruption to business, while the merged company saw an increase in customers for core banking products.

The award was presented by Chase India’s Manash K. Neog to Rachel Catanach, representing Rowland, at the gala awards reception in Hong Kong on December 1 2016

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About the sponsor:

Chase India is South Asia’s leading research and public policy consulting firm. It was set up by the founding members of Avian Media, India’s award-winning communications firm, as an independent company in 2011. Chase India counsels private sectors, NGOs and investors with research-based inputs to help navigate through a complex political, legal, policy and regulatory environment. The team at Chase India comprises experts, who have worked for years in regulatory and industry bodies and government organisations, and, academicians and former journalists with experience in various levels of policy intervention.

Our team works across federal, state and municipal levels. Our services help our partners adopt compelling strategies to engage with relevant stakeholders on a range of regulatory issues. Chase India is known for its result-oriented approach and high ethical standards. As a research-focussed company, we continue to push ourselves to exceed our partner expectations and help them foresee and endure any unexpected hurdles in the public policy space.

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