PNGBC is known locally as “Nambawan Haus Moni”, the bank that is second to none.
The Papua New Guinea Banking Corporation is the largest commercial bank in PNG with an extensive network of branches throughout the country. The bank is wholly owned by the Independent State of Papua New Guinea and it traces its origins to the Commonwealth Bank of Australia. PNGBC was incorporated under the Banking Corporation Act in 1973 and began operations on 22 April 1974 when it acquired the assets and operations of the Commonwealth Bank in PNG.
At that time PNGBC acquired a network of 13 branches, 2 sub branches and 207 agencies. This has dramatically grown to 20 branches and 15 subbranches employing 2048 staff. The number of agencies has been scaled down to 80.
PNGBC’s charter requires that the policies of the Bank “ensure its functions are directed to the greatest advantage of the people of Papua New Guinea”. This is a challenge as 80% of the country’s population is rural-based. It is achieved by providing a wide but cost effective range of services including deposit, lending and international.
The lending portfolio of the PNGBC is diverse with agriculture, transport and communication, hotels & restaurants and personal lending being amongst the largest components. PNGBC finances a number of large employer-sponsored housing schemes as well as owner-occupied housing.
PNGBC’s share of international business has gown in recent years. It is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunications) which has given it access to a sophisticated global telecommunications network.
PNGBC has recently introduced electronic banking services, operating the country’s only Automatic Teller Machines and maintaining a network of Electronic Funds Transfer at Point of Sale (EFTPOS) terminals. It maintains its own authorising switch and has interchange arrangements with A NZ Bank (PNG) and MBF Finance (PNG). Through these arrangements customers have access to over 250 EFTPOS terminals. PNGBC has the largest cardholder base through its SaveCard.
The “Nambawan Haus Moni” is a title of which we are proud and a reputation the company intends to keep.