BPNG to announce Bank of China’s establishment in country

The National Business

THE Bank of Papua New Guinea is expected to make an announcement on a Bank of China branch in Port Moresby.
A Bank of China office is located inside The Stanley Hotel and Suits which is still under renovation and not yet in operation.
BPNG assistant governor Ellison Pidik said: “There will be a public notice by the Bank of PNG on Bank of China.”
According to information from the bank’s website, Bank of China is one of the four biggest state-owned commercial banks in China.
Bank of China representative Wee Li Cheong told The National that as a representative office, the Bank would mainly act as a liaison office and coordinate necessary information gathering, market learning and understanding the local regulatory environment.
“We are not allowed to conduct any banking activities unlike your typical banks operating in PNG,” he said.
“We are unable to conduct any banking transaction such as to provide loans nor conduct any deposit taking.”
Cheong said the bank was equally excited to establish an office in PNG.
“I noted our office and logo have created some positive response in the market.
“Nonetheless, I believe Bank of PNG will make the announcement on the status of the representative office on their website and local press once it is officially operational,” he said.
Meanwhile, according to the bank’s website, Bank of China has a well-established global service network with institutions set up across the Chinese mainland as well as in 57 countries and regions.
In face of the period of historic opportunities for great achievements, as a large state-owned commercial bank, the Bank will follow President Xi Jinping thought on socialism with Chinese Characteristics for a new era, persistently enable advancement through technology, drive development through innovation, deliver performance through transformation and enhance strength through reform, in an effort to build Bank of China into a world-class bank in the new era.

14 comments

  • Not sure if this establishment will be a good thing for PNG. What benefits will PNG gain from this institution? BPNG has to come out clear on this and let the people of PNG know.

  • What would be their dealings in PNG? What kind of financial transactions will they be performing? What kind of economic benefits will this bank bring into the country?

    BPNG must make it your business to let the people of this country know.

    Something doesn’t seem right here!

  • Smells fishy.How can such a bank set up its establishment and not conduct its core business. BPNG,it is your duty as a regulator to do do something about this establishment.

  • China is trying to take over the world. We can’t be so sure of their intentions. Simply say no to Chinese bank. we have enough banks here in PNG and most of them rob us anyway, the ordinary citizens.

  • Allowing China Bank in PNG is a very bad decision to make. What benefits are we as the country will benefit from the bank? They have hidden motives of draining all our silver coins to smelt them for other products back in china. Have we not realized this trend going on in PNG privately by Chinese shops and businesses?

  • Bank of China is a commercial bank. China is a big country and it has well over thousand commercial banks and financial institutions. Nearly all state owned enterprises have their own commercial banks, e.g. China Railway Bank, Infrastructure and Construction Bank of China (apparently one of the biggest), China Postal Bank, HSBC, etc.

    What is wrong with a Chinese commercial Bank setting up in PNG? Isn’t that foreign investment? BoPNG should go ahead and grant the operating license.

  • Assistant governor Ellison Pidik of BPNG is a qualified person in the banking industry and he knows on very well about the advantage and disadvantage of the establishment of this Chinese Bank in our soil so let him go ahead and establish it for our good.

  • What is going on PNG Government? How can you let China to set up its Bank of Chinese branch here in PNG? It is already in PNG. Bank of PNG, Mr Ellison Pidik, remove and say no to this termites. Do you see Asian businessmen go to banks here in PNG to bank their takings? No! China will buy off PNG soon because it sees PNG as a strategic spot to compete against US to become a super power. What will PNG benefit out from that? Nil! Please there are more reasons to this suspicious move from China. Please PNG Think Tanks and Academics save PNG?

  • Uncle Glop, I invite you to visit China. I am sure your visit there will change your perception of China.

  • The Bank of China & Bank of PNG, will increase growth and trade with the most advance which BOC has established offices worldwide, if you are looking to export more then trade with China also this is business do not stop investments made my foreigners companies they bring money inn so we all must work together to help the economy rearch new platforms for more effectient & transperent banking providers to help investments to grow rapidly. Thks

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