By Alice Uribe

SYDNEY--Westpac's sale of its Pacific businesses has been rejected by Papua New Guinea's competition regulator.

The Australian lender said Tuesday that Papua New Guinea's Independent Consumer and Competition Commission has released a final determination confirming it had denied authorization.

Westpac Banking Corp. in December announced plans to sell Westpac Fiji and Westpac's 89.91% stake in Westpac Bank PNG Ltd. to Kina Securities Ltd. for up to 420 million Australian dollars ($309.6 million). The sale was subject to regulatory approvals in Fiji and Papua New Guinea.

"Westpac acknowledges the ICCC's determination and will continue to operate these businesses while it reviews the impact on the sale to Kina Bank," the bank said.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

09-13-21 1847ET