There are four commercial banks in Papua New Guinea financial sector: Bank South Pacific (BSP), ANZ, Westpac and Kina Bank (formerly Maybank). Other deposit-taking institutions include 21 savings and loan societies and 10 licensed financial institutions. There are also some very small microfinance groups that are not presently covered by the prudential regulator. As of December 2015, the big four banks had total assets of approximately US$8.3 billion, which amounts to over 50 percent of Gross Domestic Product.
ANZ Papua New Guinea provides a full range of retail and commercial banking services through a network of 15 branches and 72 ATMs across the country. It is the second largest bank in PNG in terms of total assets and deposits. The company first opened a branch in Port Moresby in 1910.
Asian Development Bank (ADB) – The Papua New Guinea’s largest multilateral development partner. ADB focuses on economic infrastructure, which is vital for better service provision and market access in rural areas. ADB has approved over US$2 billion in loans and grants in PNG since 1971. As of December 2015, ADB’s active portfolio in PNG reached US$1.1 billion including 25 loans, 9 grants, 6 technical assistance projects, and 2 loans and equity operations in the private sector. In 2015, ADB approved the partnership strategy with PNG for 2016-2020.
Bank of Papua New Guinea (BPNG) – The central bank of the country, established in 1973. It regulates commercial banks, finance companies, superannuation funds, life insurance companies and other licensed institutions in PNG. Previously to Papua New Guinea's independence, the central bank was a branch of the Reserve Bank of Australia.
Bank South Pacific (BSP) – The largest bank in Papua New Guinea. With 4,000 employees, it operates approximately 125 branches in PNG, Fiji, Samoa, Cook Islands, Solomon Islands, Tonga and Vanuatu. As of December 2015, BSP had total assets of K18.2 billion (US$6.2 billion), customer deposits of K14.6 billion (US$5 billion) and market capitalisation of US$1.2 billion.
Kina Group – The fourth largest bank in PNG, with 7 branches and over 11,000 customers. It is also the largest wealth manager, one of the largest fund administrators and the leading stockbroking firm in PNG.
Maybank (PNG) Ltd – In September 2015, Malayan Banking Bhd (Maybank) completed its exit from Papua New Guinea, following the sale of its stakes in Maybank (PNG) Limited and Mayban Property (PNG) to Kina Ventures Ltd. Maybank commenced operations in PNG in 1994.
Westpac Bank PNG Limited – A wholly owned subsidiary of the Australia-based Westpac Banking Corporation. The Bank provides a wide range of personal and business banking products and services including home and personal loans, credit cards, savings and current accounts and term deposits.
Number of financial institutions and their assets in millions of Kina.
|Savings and Loans Soceities||22||757|
|Life Insurance Companies||5||356|
|Non Life Insurance Companies||14||-|