PNG’s largest superannuation fund, Nasfund, released its annual results earlier this month. Business Advantage PNG spoke with its Chief Executive Officer Ian Tarutia.
Banking & Finance
Papua New Guinea’s first listed investment company, Kina Asset Management Ltd, (KAML) has announced a net profit of K4.73m ($US2.21m) in 2012, compared to a net loss of K9.43m (US$4.41m) the previous year.
Papua New Guinean finance company Credit Corporation, the target of recent buyout interest from BSP, has posted increased profits of K106.11 million in the financial year ending 31 December 2012.
BSP, PNG’s largest bank, is being recognised globally as a major innovator with mobile technology. In our exclusive interview, Group CEO Ian B Clyne reflects on a momentous year for the bank and its plans for future growth.
The insurance industry in PNG looks forward to consolidation, more growth and regulatory reform in the coming year.
Papua New Guinea’s strong financial services sector is becoming ever more sophisticated in servicing both the mass-market and premium ends of the market.
After strong performances in 2009 and 2010, the Port Moresby Stock Exchange (POMSoX) experienced a tough 2011, as did many bourses around the world.
PNG Microfinance Ltd plays a vital role in the economy of Papua New Guinea’s Western Province by mobilising savings and providing financial services to many small businesses that are not able to meet the lending criteria of the major banks.
Papua New Guinea firms are playing a key role in the Solomon Islands as investment floods in.
With mobile phone use now widespread in PNG, the country’s largest bank is aiming to bring financial services to the ‘unbanked’ in PNG’s rural areas for the first time—an initiative that is expected to drive small business development.