Bank of China eyes PNG shores

A BANK of China (BOC) representative office has already been established in Port Moresby and not yet in operation, a representative says.
BOC (New Zealand) head of financial institutions and asset management Wee Li Cheong said yesterday that the bank hoped to be in operation soon.
“It is just representative office at the moment, it is not operational yet,” he said
“As a representative office, we mainly act as a liaison office and to coordinate the necessary information gathering, market learning and understanding the local regulatory environment.”
“As a representative office, we are not allowed to conduct any banking activities unlike your typical banks operating in PNG. We are unable to conduct any banking transaction such as to provide loans nor conduct any deposit taking.
“We are equally as excited on our representative office in Papua New Guinea.”
Bank of PNG assistant governor Ellison Pidik said in 2020 that there was a public notice by BPNG on the status of the Bank of China.
In 2019, PNG and China signed a memorandum of understanding in Beijing to allow for the BOC to open an office in the country.
Then Foreign Minister Rimbink Pato signed the MOU with Liu Liange, the vice-chairman and president of BOC.
Then Prime Minister Peter O’Neill witnessed the signing ceremony between Pato and Liange on the bank instruments and also the signing of the belt and road implementation and cooperation plan memorandum of understanding with China.
According to the bank’s website, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, BOC’s strategic goal is to build it into a world-class bank in the new era by persistently enabling advancement through technology, driving development through innovation, delivering performance through transformation and enhancing strength through reform.
By 2035, when China basically realises modernisation, the Bank will have transformed from a large, high-ranking bank to a strong, top-tier bank, thus becoming a world-class bank in the new era on all fronts.
By 2050, the Bank will have become a “financial treasure” of a great modern socialist country, and will serve as a paragon of the global financial industry.
Attempts to get comments from BPNG acting governor Benny Papoitai were unsuccessful by the time this paper went to print.