Banks in Papua New Guinea
There are four commercial banks in Papua New Guinea financial sector: Bank South Pacific, ANZ (PNG), Westpac Bank (PNG) and Maybank (PNG). 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 2010, the big four banks had total assets of 18.3 billion Kina (US$7.06 billion), which amounts to 62 percent of Gross Domestic Product.
- ANZ Papua New Guinea – ANZ first opened a branch in Papua New Guinea in 1910 and ANZ Banking Group (PNG) Ltd ("ANZ Papua New Guinea") was established in 1976. Today the bank provides a full range of retail and commercial banking services through a network of 12 branches across the country.
- Asian Development Bank (ADB) – Papua New Guinea (PNG) joined ADB in 1971. Papua New Guinea is the 28th largest shareholder among regional members. ADB's support focuses on economic infrastructure, which is vital for better service provision and market access in rural areas. ADB supports rural populations by providing them with greater access to finance and primary health services. ADB and PNG collaborate on private sector investment. For example, PNG invested $8 million in two private equity funds — Kula Fund I and Kula Fund II Limited.
- Bank of Papua New Guinea (BPNG) – The central bank of Papua New Guinea, 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 3,000 employees, it operates about 50 branches nationwide. As of December 2010, BSP had total assets of K10 billion (US$3.86 billion) and market capitalization of K3.78 billion (US$1.46 billion). In 2009, BSP acquired the National Bank of Fiji and Colonial Fiji Life Insurance from Commonwealth Bank of Australia.
- Maybank (PNG) Ltd – A wholly owned banking subsidiary of Maybank, Malaysia. Port Moresby and Lae branches provide a full range of commercial banking services, products and advisory services in the timber and fisheries sectors.
- Westpac Papua New Guinea – 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
|Life Insurance Companies
|Non Life Insurance Companies