Bank head outlines sector challenges

By PETER ESILA
MONEY laundering, corruption and terrorism financing are some of the challenges in the banking sector in the country, says Kina Bank chief executive Greg Pawson, pictured.
He said this during a FranklinCovey leaders’ breakfast in Port Moresby last week.
“There are a lot of challenges,” Pawson said.
“I would say it is mainly regulatory.
“All those sorts of things, we, as banks, are held responsible for and accountable for in terms of protecting those type of transactions.
“Regulation of banks and financial institutions is very significant.
“We need to be seen to be doing the right thing.
“Probably you are aware at the moment, there is a Royal Commission investigation into major banks in Australia because they have not been doing the right thing by the customers primarily.
“Whilst there are not a lot of similarities between what’s going on there and here in PNG, it is something that we need to be mindful of.”
Meanwhile, Pawson said Kina Bank’s acquisition of ANZ Bank would see 350 ANZ staff join Kina Bank.
“We are really excited about that because that will take us to be the second biggest retail bank in PNG,” he said.
“Today, Kina Bank is very much centred in Port Moresby and Lae.
“Following the acquisition of ANZ, we will be in 21 locations across PNG, so it gives us a national footprint.”
“We have social and moral obligations.
“Seventy-seven per cent of the country still do not have access to banking.
“We have a role to help enable people to come into the banking system.
“It is good for them and it is good for the economy.”