Banks in Papua New Guinea

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 established operations in Papua New Guinea in 1910 and remains a licensed commercial bank in the country. It serves institutional and large corporate clients, providing transaction banking, markets, and loans and specialised finance through dedicated corporate centres in Port Moresby, Lae and Goroka. It no longer operates a retail branch or ATM network in Papua New Guinea.

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. ADB’s active portfolio in PNG reach US$1.1 billion including 25 loans, 9 grants, 6 technical assistance projects, and 2 loans and equity operations in the private sector.

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.

BSP Financial Group Limited (BSP) – The largest bank in Papua New Guinea. Formerly Bank of South Pacific, the group was renamed BSP Financial Group Limited on listing on the Australian Securities Exchange, and its banking arm continues to trade as BSP. It has over 4,800 employees serving around 3 million customers in Papua New Guinea, Fiji, Samoa, the Cook Islands, the Solomon Islands, Tonga and Vanuatu. As of December 2016, BSP had total assets of K20.8 billion (US$6.4 billion), total deposits of K16.9 billion (US$5.2 billion) and market capitalisation of US$1.3 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.

Source: BPNG