PNG BANKS ESTABLISH BANKING ASSOCIATION (PNGBA)

BY RAYLEEN WANJIMAN

PAPUA New Guinea’s banking sector has taken a major step towards strengthening financial stability with the establishment of the PNG Banking Association in Port Moresby.

Member banks include Bank South Pacific, Kina Bank, Westpac Bank PNG Limited, Australia and New Zealand Banking Group, TISA Bank Limited, National Banking Corporation and Credit Bank PNG.

The new body brings together all licensed commercial banks to promote a stronger, more stable and inclusive banking system across the country.

At its inaugural meeting Mark Robinson, Chief Executive Officer of Bank South Pacific, was appointed Chairman of the association while Ivan Vidovich, CEO of Kina Bank, was named Deputy Chair.

PNG BA Chairman Mark Robinson said by coming together, the banking sector can do more to contribute to a strong, stable, trusted and inclusive banking system to grow the PNG economy and support the financial well-being of all Papua New Guineans.

Mr Robinson stressed that an initial priority will be ensuring a high level of support across the banking sector for the PNG Government’s work to address the items required for PNG to be removed from the Financial Action Task Force’s grey-list.