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Jul 27, 2021 – 12.19pm Save Share Papua New Guinea’s biggest lender, Bank of South Pacific, defied market orthodoxy in January when its chief executive, Robin Fleming, argued forcefully against Westpac’s proposed $420 million sale of its operations in the country to rival lender Kina Securities. Bank of South Pacific CEO Robin Fleming.  Convention would hold that an acquisition aimed at reducing PNG’s oligopoly of three banks to two would benefit BSP – and its lenders – as the dominant lender in the Pacific country. Indeed, an Australian Treasury paper by former Pacific division adviser Peter Biggs found that because of the “relatively few” financial services organisations in the country, “competitive pressure is relatively light”.

Papua new guineaWilson thompsonKostas constantinouDevelopment policy centreKina bankHighlands farmers settlers associationUniversity of papua new guineaKina securitiesWestpac pacificNew south walesHighlands farmersSettlers associationDek sumEast asiaFinancial analysisSupervision unit