Photo: Minister for State Enterprises, William Duma
The Minister for state enterprises, William duma has announced the approval that there will be a new commercial bank to be established in the country next year, He stated this when responding to the NCD Governor, Powes Parkop regarding banking related issues in the country in parliament recently.
Minister Duma stated that the Marape-Rosso Government has decided to apply for and establish another commercial bank in the country; he explained that when taking into consideration and comparison with other countries such as Fiji and that they have more than 8 commercial banks.
“In a country of more than 10 million people we need more commercial banks because if you consider current commercial banks like Westpac and ANZ, they have not been quite keen in expanding their presence and services to other parts of the country”, Minister Duma said.
“We must be considerate of our people and take into account that we have a lot of people in remote areas and such it is incumbent upon us as leaders to establish another commercial bank”.
“Major commercial banks such as BSP have not been able to provide the services that our people need, many of our people are unbanked due to BSP’s conduct in charging and setting a lot of fees”. Minister Duma said.
Minister Duma further said that it is the responsibility of the National Government to set another commercial bank in the country.
“I can announce that cabinet has already approved in principle for a new commercial bank to be established and be called The National Banking Corporation”, Minister Duma announced.
Minister Duma concluded that under the leadership of our Prime Minister all necessary requirements have been completed and we are now 85 per cent through in reaching that goal, and before the end of next year this country should have a fully fledged commercial bank.
