THE Teachers Savings and Loan Society Limited (Tisa) has been granted a provisional licence to operate as a commercial bank, says group chief executive officer Michael Koisen.
He told The National yesterday that the licence was granted by the Bank of PNG on May 9.
“We are working on operational issues in preparation for a launching next year,” Koisen said.
Prime Minister James Marape welcomed the decision by BPNG to issue a provisional licence to Tisa.
“We would like a local bank with share offering to ordinary Papua New Guineans, mothers and fathers and to our grassroots population to be set up as soon as possible,” Marape said.
“We need truly Papua New Guinean banks owned by our people and are committed to serve our people.
“I await with eagerness to see (Tisa) obtaining a full banking licence to commence operations subject to it meeting all the requirements of the BPNG.”
Meanwhile, Marape said National Development Bank (NDB) was also working on a proposal to get a commercial banking licence from BPNG.
“But they will have to meet the prudential requirements of BPNG to do so (which) could mean that they partner with a major commercial bank to give confidence to BPNG that they will run independently of Government and any adverse political influence,” he said.
“The success of BSP (Bank South Pacific Financial Group Ltd) is an example of the success of public-private partnership in the banking sector and we cannot go wrong if NDB follows the same model.
“I also want to see ordinary Papua New Guineans buy shares in the establishment of such commercial banks.”
The National / PNG Education News
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