PNG economy remains weak

This is according to the ANZ’s Economic Update report of PNG.

ANZ projects an impressive GDP of 3.5 percent for this year, however, says no one should be carried away, as this is all coming from a rebound in gas production following the earthquake-induced disruptions in 2018.

Released on December 17th, the ANZ report warns not to be misled by a strong GDP for 2019, stating the economy remains weak.

The report says the strong GDP is due to a rebound in gas production following the 2018 Highlands earthquake.

ANZ staff trained on Kina Bank systems

ANZ Kokopo Branch Manager, Dessie Buka, said: “My training has been really thorough and once I’ve finished, I’ll be supporting my team with continuous training on Kina Bank systems and processes.

“The systems are very similar to what we have been using at ANZ so it has been very straightforward. We’ve put a lot of effort into making sure the experience is as seamless as possible for customers because we all want to ensure that everything goes smoothly from day one,” Buka said.

ANZ to focus on Institutional and Large Corporate Banking in PNG

The decision is in line with ANZ’s simplification strategy, while also supporting customers with trade and capital flows in the region.

Kina Bank is a wholly-owned subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby securities exchanges.

Kina acquires ANZ’s Retail, Commercial/SME banking businesses

The acquisition, worth K24.2 million, increases Kina Banks banking footprint in PNG and the banking market share.

ANZ will be focusing solely on Institutional and Large Corporate banking in the market.

The key terms of the transaction, include Kina Bank acquiring the Business, comprising of

1) Retail customer deposits and loans (including credit cards);

2) Commercial/SME customer loans and deposits;

3) ANZ PNG’s 15 retail branch premises, increasing Kina’s branches to 21;

4) Relevant employees; and


New ANZ Pacific app launched

ANZ PNG’s chief executive officer, Mark Baker, said: “We are fully committed to continuously improving our products and services and providing a seamless digital experience for our customers and today we are pleased to launch this new app.

“This ANZ Pacific app allows our customers to do their day-to-day banking easily and conveniently in a cost-effective and speedy manner.

“The app also has enhanced security features embedded which allows our customers to do their banking safely and securely.

ANZ installs ATM at Jackson’s airport

ANZ PNG CEO Mark Baker said: “Great news for those traveling domestically, particularly throughout the festive season, as its location inside the terminal provides a safer but also more affordable option when withdrawing cash at the airport. 

“This is a part of our ongoing efforts to make banking simpler and convenient for our retail customers in PNG.”

The new ATM is located on the ground floor directly opposite the security check point inside the Domestic Departure Terminal. 

ANZ launches new ATM in Kokopo

Gathered at Tropicana to witness the occasion was owner of Tropicana Limited, Sandra Lau, ANZ Kokopo branch staff and members of the public.

This new ATM brings the total number of commissioned ATMs in PNG to 72.

ATMs are an important banking service as it allows people to transect easily and conveniently in a cost effective and speedy manner.

ANZ thanked the management of Tropicana Limited for allowing them to set up this facility within their business.

Australian shares surge on US jobs bounce

The ASX 200 index was up 1.6 per cent to 5,316 by 11:07am (AEST), while the broader All Ordinaries was up 83 points to 5,398, having been as high as 5,410 earlier in the session.

It is the first time the All Ords has cracked 4,000 points in a month.

The strong gains have been broad-based, with 184 of the top 200 companies rising.

The market heavyweight banking and mining sectors were the driving force behind the strong market gains, with all four major banks up more than 2 per cent and BHP Billiton posting a similar rise.

ANZ announces relief package for customers impacted by Cyclone Winston

ANZ CEO Pacific & CEO Fiji Vishnu Mohan said: “This is one of the worst cyclones to hit Fiji destroying many towns and villages as well as damaging vital infrastructure. It will take a long time for Fiji to fully recover from this disaster and we want our customers to know that we are here ready to support them.”

ANZ’s customer assistance package includes:

  • suspension of all home loan, personal loan and small loan repayments for 60 days;

ANZ celebrates 135 years in Fiji and the Pacific

“We established our first Suva branch in 1883, and in 1951, the Bank of Australasia merged with the Union Bank of Australia to form ANZ Bank Limited,” explained ANZ CEO Pacific & CEO Fiji, Vishnu Mohan, at a function held in Suva to commemorate the milestone anniversary.

“We’ve since continued to grow our presence in Fiji with the acquisition of the Fiji operations of Barclay’s and Grindlays Banks in 1985, Bank of New Zealand in 1990, and Bank of Hawaii in 2002,” said Mohan.