Strength in private sector: BPNG executive

PNG’s economy will find its strength in the private sector.

Bank of PNG Deputy Governor, Joe Teria, shared this sentiment during the opening of ANZ’s first corporate sector in Waigani, Port Moresby.

“We need a corporate bank that can drive investment in this country by corporate sector,” he said.

“So by releasing the retail to Kina (Bank), Kina is able to support that sector of the economy. And ANZ, through its strategy, we hope they will bring in better products – financial products – to help the corporate sector grow, and grow this economy to what it should be, and what everybody wants."

Teria outlined the introduction of Real Time Gross Settlement to allow big value payments to go through, as well as the introduction of the Automated Clearing House system, which has reduced clearing times for cheques from what he described as ‘ridiculous 30 days and above’ to just two days.

“And this goes in hand with the strategy by ANZ to focus on the corporate sector so that we bring financial services to develop the financial sector in Papua New Guinea so that we can improve services to the corporate sector, the government and to individuals.”

ANZ’s corporate centre is part of its commitment to convenient banking for its institutional and large corporate customers once the sale of its retail, SME and commercial banking businesses to Kina Bank is completed later this year.

Waigani was one of three new corporate centres to be opened, with the Lae opening scheduled for today and Goroka in March 2020.

The new corporate centres will feature secure deposit facilities, cash and counter service, secure parking and private meeting spaces.

(Bank of PNG Deputy Governor, Joe Teria)

Carmella Gware