Driven by employment creation, providing banking services to the unbanked population, stock market investments and increased competition in the banking and finance industry has driven the new National Banking Corporation to enter the market in the country.
Speaking to PNG SUN during an interview last week, NBC Chief Executive Officer, Mr Michael Van Dorssen unveiled the bank’s strategy highlighting the above.
The Bank of PNG issued their commercial banking license last week following the bank’s 18-month preparatory works.
Related news on another SoE’s partial sales: https://www.thepngsun.com/partial-privatization-of-png-power-announced/
On their unique offering, Mr Dorssen said their product will offer lower interest rates than 20 percent interest rates currently being charged by money lenders or their competitors.
He added their other offering was focusing on the stock market when listed publicly so the locals can participate.
He told PNG SUN that NBC had branches already established at Vision City, Boroko, Goroko, Lae and Mt Hagen.
Additionally, he said the bank will share resources-especially their provincial branches-with the 43-percent stakeholder, National Development Bank (NDB).
Basically, he stated that their goal was to provide banking services to the customers.
Currently armed with 205 staff, he said, the bank plans to increase the staff strength to 500 in the next two years’ time with special consideration given to graduates looking for jobs.
Related news: https://www.thenational.com.pg/nbc-to-provide-commercial-banking-services/
The bank is 100 percent State-owned; Kumul Consolidated Holdings (57 percent) while NDB owns 43 percent, he said.