Prime Minister James Marape recently met with officials from the Bank of China and welcomed their plans to extend their Representative Office license which they obtained from the Bank of Papua New Guinea (BPNG).
Marape also encouraged the Bank of China to apply for a full commercial banking license from BPNG to set up and operate a full banking network in PNG.
The Bank of China operates in 60 countries around the world and is the world’s fourth biggest banking group.
It has a diverse portfolio of investments which also includes investments in airline companies.
The PM said, “It will be a very significant boost to have such a high-profile and highly-respected global banking group enter the PNG market to not only serve PNG, but also the South Pacific Region with Port Moresby as its regional headquarters.”
“My Government is keen to see more new banks enter the PNG market to increase competition, to help reduce interest rates, banking fees, expand services to unreached areas using various e-banking platforms, and also to reduce the long queues in all our banks today.
“It will also create thousands of new jobs which our country badly needs,” he said.