PM Marape welcomes Teachers Savings and Loans Society as a commercial bank

By: PNG Business News December 30, 2022

Photo: PM Marape

Prime Minister Hon. James Marape has welcomed the decision by Bank of Papua New Guinea (BPNG) to issue a provisional license to the Teacher’s Savings and Loans Society (TISA) to set up a fully-fledged commercial banking operation in PNG.

“We would like a local bank with share offering to ordinary Papua New Guineans, mothers and fathers and to our grassroot population to be set up as soon as possible,” he said.

“We need truly Papua New Guinean banks which are owned by our people and are committed to better serve our people.

“I await with keen eagerness to see the Teachers Savings and Loan Society formally obtaining a full banking license to commence operations subject to it meeting all the prudential requirements of the BPNG.”

PM Marape said the National Development Bank (NDB) Group was also working on a proposal to obtain a commercial banking license from BPNG.

“However, they will have to meet the prudential requirements of BPNG to do so, and that could well mean they must partner a major commercial bank to give confidence to BPNG that they will run independently of Government and any adverse political influence,” he said.

“The success of BSP is a good shining example of the success of public-private partnership in the banking sector and we cannot go wrong if NDB follows the same model.

“I also want to see ordinary Papua New Guineans buy shares in the establishment of such commercial banks.”

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