Westpac to join LNG bandwagon

Business, Main Stories


ESTPAC Bank PNG Ltd, the oldest bank in the country, will tap into the emerging banking opportunities spawned by the mining and petroleum boom, particularly the gas project.
Incoming general manager for Pacific banking Greg Pawson told the media in Port Moresby yesterday the Pacific was a key focus for Westpac and PNG was one of the most focused areas that would  see the bank’s three strategies carried out.
“We are excited about some of the emerging opportunities particularly the gas project and the mining,” Pawson said.
“We are very eager to invest and leverage in terms of where we are now and we are mapping out a three-year strategic plan.
Pawson outlined the three key focus areas as:
*Investment in emerging market opportunities;
*Retails banking; and
*Strong business banking.
Investment in the emerging market opportunity was  along term concern, Pawson said.
On retail banking, there is no need to open new branches but instead, improvement should come in for wider and efficient banking services.
“On business banking, we are looking at how we can take that to the next level where we are looking at a significant relationship with the government, the diplomatic corps and other big corporate organisation to contribute to the growth of the economy of Papua New Guinea,” Pawson said.
Westpac managing director for PNG Ashleigh Matheson said as part of the three-year strategy, a state-of-the-art internet banking services was  under way.