The sluggish Papua New Guinea economy is triggering a bout of rationalisation, two of the recent examples being in the banking and manufacturing sectors.
ANZ (including ANZ PNG)
ANZ Bank and Kina Bank have announced they have entered into an agreement for ANZ to sell its retail and commercial/small-to-medium-sized enterprise (SME) banking businesses to Kina for K24.2 million. Both banks claim the move is in line with their strategies.
The Managing Director of ANZ Papua New Guinea, Mark Baker, has said the foreign exchange restrictions are not likely to ease until a major new resources investment comes in. But in the interim he believes the Government is connecting well with business.
Papua New Guinea is on the verge of a resources boom, according to Kishti Sen, International Economist for the ANZ Banking Group. He told the recent Australia–Papua New Guinea Business Forum that the challenge is to manage the economic cycles.
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