(Adds background on divestiture)
Sept 14 (Reuters) - Papua New Guinea's competition regulator has decided to reject Kina Securities' (KSL) proposed stake acquisition in Westpac Banking Corp's (WBC) Pacific operations, Australia's second-biggest lender said on Tuesday.
Westpac in a statement acknowledged the final decision by PNG's Independent Consumer and Competition Commission (ICCC) to deny the proposed stake sale in the bank's PNG unit, adding it will continue to operate its Pacific businesses.
Westpac had announced the sale of its businesses in Fiji and Papua New Guinea to Kina Securities for up to A$420 million ($309.46 million) in December, a move aimed at streamlining its operations by focusing more at home.
PNG-based Kina Securities did not immediately respond to a Reuters request for comment.
The decision by the regulator comes after Westpac and Kina Securities made further submissions to the ICCC after it issued a draft in July indicating it proposed to deny the stake sale.
($1 = 1.3572 Australian dollars)
(Adds background on divestiture) Sept 14 (Reuters) - Papua New...
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