ANZ REAFFIRMS COMMITMENT TO PNG

ANZ has rearmed its commitment to maintaining institutional and corporate banking operations in PNG.

The statement was released on Monday from the banking group, which may have been in light of concerns raised by leadership in the country on the sustainability of competition in the banking sector.

ANZ PNG Managing Director, Mark Baker said: “We have spent time restructuring our businesses across Asia, including in PNG, in recent years to allow us to fully focus on our core business, servicing large local corporates and multinational corporations.

“We are in the process of opening a new Corporate Centre in Goroka to support the supply chain related to PNG’s coffee export sector, adding to two centres opened in Waigani and Lae over the past 12 months.

“ANZ is unique among the Australian banks, as it has a presence in 33 markets across the globe.

“Our business in PNG is still among the largest in the ANZ Group, and an important part of our international network. “Our strength lies in supporting trade and capital flows across that network, which in turn supports local economies,” Mr Baker said.

ANZ PNG Chairman, Lady Winifred Kamit said: “ANZ has a long history of developing Papua New Guineans, and its highly trained staff are sought after in the PNG banking market.

“Former ANZ staff fill some of the most senior positions in PNG’s local banks, including at BSP, Kina Bank and NCSL.

“In turn, their positions at ANZ are taken up by our emerging PNG leaders, a pipeline of talent that the bank’s management continues to nurture and develop through its world class training resources,” Lady Winifred said.

ANZ reiterated its commitment PNG’s difficult times, through participation in the purchase of government treasury bills, as well as continued support to corporates, including some state owned enterprises.