ANZ marks 100th year

ANZ chief executive Mike Smith last night celebrated ANZ’s centenary in the country at a gala dinner attended by Prime Minister Sir Michael Somare at the Crowne Plaza hotel in Port Moresby.
“We opened our first branch in PNG 100 years ago when we were known as the Union Bank of Australia,” Smith told guests.
“Since then, we have evolved into a full retail and commercial bank that provides affordable and reliable banking services across the country, including regular banking services for people living in remote and rural communities.
“We’ve also played a significant role in helping to fund critical infrastructure projects, including our recent role to provide funding of US$400 million (K1.08 billion) for the LNG project and banking services to the LNG project’s major contractors,” Smith said.
His visit to PNG is part of a four-day visit to the Pacific, accompanied by chief executive of Pacific Michael Rowland.
“The Pacific has emerged from the worst of the financial crisis in reasonable shape but there is now a clear opportunity to capitalise on Asia’s emergence as the world’s economic growth engine.
“Pacific nations, particularly those with resource-based exports including PNG, will benefit significantly from closer ties with Asia,” he said.
“Trade flows between the Pacific and Asia have been growing at around 25% for the past five years, while trade with China has increased by more than 30% every year since 2001.
“PNG’s resources sector already contributes about a quarter of the country’s GDP and over time will significantly improve the livelihood of all Papua New Guineans.
“We are positive about the region’s long-term growth prospects,” Smith said.