Commercial banks warned against leaving PNG’s shores


PRIME Minister James Marape has warned commercial banks planning to leave the country that they may not be allowed to return.
“I know Westpac and ANZ are discussing an exit you might regret.
“If you leave our shores you might not come back,” he said.
He thanked Bank South Pacific “for your acclimatisation to the need of PNG”.
He also thanked the Kina Bank which last year acquired ANZ’s retail and commercial banking business.
Marape told the National Development Bank to “get up and get going and answer to the need of rural Papua New Guineans (involved) in small to medium enterprises (SME)”.
He addressed members of the business community at a 45th Independence anniversary dinner at Parliament House on Wednesday.
He said the Government was working with the commercial banks to ensure credit facilities were available.
“The Government will use the 2020 supplementary budget and 2021 budget and hopefully the 2022 budget to ensure that we maintain stimulus in the economy,” Marape said.
He also hopes that negotiations on the multi-billion kina projects such as the Papua LNG, P’nyang, Pasca and Wafi-Golpu would be finalised. On the Porgera gold-copper mine, Marape said the Government had not expropriated Porgera.
“For 30 years, the mine had been running its course with no disturbances,” he said.
“The lease expired and the state is entitled to do what it must for the interest of its citizens.”
“We are doing everything better and we are doing what is rightfully due.”


  • Allow those banks to leave PNG and this will give us space to form our own banks. Those foreign owned banks are profit oriented banks and when they see that they don’t make much profit, they want to leave. Enough of having foreign businesses here and we should show that we can do it ourselves. Otherwise, we will become spectators in our own land.

  • Woud be better to have our own national bank ASAP rather than waiting.
    BSP is greatly robbing every customers big time. What a HUGE amount of kina being daylight robbery on every transactions attended by customers.
    Please PMJM look into these.

  • Please consider reviving PNGBC.

    Those who are not fit to complete against BSP and Kina can pack up and leave our shores.

  • Spirit of taking over is already emerging, this is the appointed time, let those commercial banks leave & go, that’s their decision, someone is behind this takeover program, we will be better off without these foreigners banks, they are the Amalkites & Midnites in this land… Gideon Army team is rising to take over…

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