PNG's Kina Bank will grow market share

Mr Syd Yates

Chief executive officer of Papua New Guinea's  Kina Bank Syd Yates has hailed 2015 as a landmark year not just for the bank but the financial services sector in Papua New Guinea.

Mr Yates, in reflecting on the bank’s achievements, said it had been able to complete its highly successful share-market listing in July, becoming the first home-grown financial services company to complete dual listing in PNG and Australia.

It stated that the listing was strongly supported by the investment communities, both countries demonstrating the growing maturity of the PNG market and its increasing capacity to attract investment capital.

The CEO said the listing also provided the funding for Kina to complete its merger with Maybank, becoming the fourth largest bank in PNG, and creating a strong new force in the country’s banking sector.

"Having secured a banking licence, the new Kina Bank is ideally positioned to grow its market share, with a particular focus on the development of competitive new products for the retail and small business sectors.

"Kina is determined to lead the delivery of improved financial services for the PNG consumer, by providing competitive financial services products and fast, convenient access for financial services consumers across the country," he said.

Meanwhile Mr Yates said the growing interest in PNG as an investment destination follows the successful development of the PNG LNG project, which has contributed significantly to the depth of the economy. Post Courier/ ONE PNG