Banking

Papua New Guinea’s banking sector is adjusting to the slowing of economic growth and to the foreign exchange shortage that is affecting local businesses. However, despite many challenges, the institutions remain well capitalised and highly profitable, and in some cases are maintaining positive profit growth. More than just holding its own, the sector is developing in significant ways that suggest structural shifts and new industry dynamics. Maybank’s local presence was acquired by the Kina Group, bringing a long-sought-after “fourth bank” to the market and promising increased competition, especially in the undeserved mid-market. Other players have been using this time to consolidate their positions, expand their offerings and enter new markets.

This chapter contains an interview with Robin Fleming, CEO, Bank South Pacific; a viewpoint from Garry Tunstall, CEO, Nambawan Superannuation Fund; and an interview with Geoff Toone, Former Managing Director, Westpac Bank Papua New Guinea.