Westpac here to stay: Official

The National Business

By DALE LUMA
WESTPAC PNG says its customers can be assured that it is here to serve the country through various support systems.
This came after The National followed up with the bank on a warning made by Prime Minister James Marape that commercial banks who wanted to move their businesses offshore might risk not returning to do business in the country.
Marape, while addressing an independence dinner with the business community in the country on Wednesday, named Westpec and ANZ as the banks that were discussing an exit and could regret the decision.
“I know Westpac and ANZ are discussing an exit you might regret,” he said. “If you leave our shores you might not come back.”
Marape also thanked banks such as the Bank South Pacific (BSP) for its acclimatisation to the needs of the country and Kina Bank which last year acquired ANZ’s retail and commercial banking business.
He urged 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 ”.
In response, a spokesman from Westpac assured the Government that it was here to stay.
“Westpac PNG is part of Westpac Banking Group.
“Customers can be assured that we are here to help people and communities across Papua New Guinea, including through the support we are offering during Covid-19,” the spokesman said.
“Westpac Group is currently undertaking strategic review of its specialist businesses, as we shared with the market in May.
“This includes wealth platforms, superannuation products, investments, general and life insurance and auto finances well as Westpac Pacific.”

2 comments

  • From my opinion finance institutions should have no barriers to function and operate in and out of the country. That practice will then result high competition amoung themselves the banks and that will benefit all the citizens by providing better service.

  • Westpac had already scaled down its operations in other smaller pacific island countries except Fiji and PNG. PM’s commented to ask Westpac its position for PNG’s bankers’ benefit. Westpac is the first bank in PNG and should be supported in any way to remain open, which GoPNG should propose share investment with Westpac like BSP to retain its loyalty as a long-time investor banking institution that served this country long before independence.

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