Photo: Dr Albert Mellam, PhD
Credit Corporation Finance Ltd (CCF), a subsidiary of Credit Corporation (PNG) Ltd, has received approval in principle from the Bank of Papua New Guinea (BPNG) for a banking license. According to the chairman of Credit Corporation PNG, Dr. Albert Mellam, "the BPNG offered an approval in principle for a period of 12 months to transition CCF’s current license from a financial institution to a commercial bank." Mellam expressed his gratitude for the approval, calling it "a milestone in the group’s new strategic direction, which included becoming a fully-fledged commercial bank and ultimately aiming to be listed on the ASX."
Mellam went on to say that Credit Corporation has been lending for 45 years in Papua New Guinea, and that its board and senior executives have extensive experience in financial services and banking. "We are well-positioned to become a new bank given we have a strong understanding of the local market and what is required to be a successful financial services company," he said. "We have already made some significant investment decisions to set ourselves up for success, including upgrading our core banking system, introducing a new web-based application and enhancing our processes, while recruiting new talents and upskilling our people."
Mellam also emphasized that Credit Corporation is committed to delivering a high level of service to the people of Papua New Guinea. "We are proud of our heritage, which will enable us to become a truly home-grown PNG bank," he said. "PNG needs more banking competition to help reduce costs and expand services such as e-banking for customers."
