Underdown Replaces Liu as Managing Director
New Zealander Aaron Underdown has replaced Moses Liu as the managing director of National Development Bank after six years in his position.
Underdown joined NDB in March as the group executive manager risk and compliance (chief risk officer) and served for 25 years as a senior risk professional in different fields - property and asset finance, agriculture and commercial, and retail and banking, and also involves policy and portfolio reporting with the ANZ bank and credit risk management.
The National Executive Council has already made the decision to finish the contract of Liu but later on, William Duma will make an official announcement.
The termination of the contract of Liu has been widely shared on social media and raised questions on the K80 million for SMEs to be delivered to the bank. The bank, on the other hand, commended Liu for his achievements during the years 2014 to 2019 in spite of the challenges he has faced.
Over the years under his leadership. NDB has grown to K781 million (K24m – K781m) as the priority lied on encouraging people from Papua New Guinea to start their own businesses or grow existing ones.