75 percent of overdrawn BSP accounts settled in PNG
BSP Financial Group Limited (BSP) group chief executive officer Mark Robinson, says as of Mondays the bank has recouped 75 percent of funds that were overdrawn in April, with an outstanding balance of less than K2
BPNG to discontinue private sector cheques in December
The Bank of PNG will discontinue the use of private sector cheques by 31 December 2023. The National Payments Council (NPC), chaired by the acting Governor of the Bank of Papua New Guinea (BPNG), has announced that
Samoa PM says hotels’ auction a ‘hard decision’
The foreclosure of several local hotels by the Development Bank of Samoa due to ‘historical debts’ was a hard decision the Samoan Government says had to be made. The financial situation faced by the local
ANZ expects Fiji’s “high” liquidity to ease from next year
Liquidity in Fiji’s banking system shattered the F$2.5 billion mark at the end of July, notching another historic high and maintaining a trend that began in January this year. And the word from a major bank
Community Bank of American Samoa proposes buying Territorial Bank of Samoa
A local group of investors is proposing they buy the Territorial Bank of American Samoa (TBAS), the government-owned bank that started operating when Bank of Hawaii departed American Samoa four years ago. In a letter to
NZ High Court reject Pacific remittance companies plea
A judicial review of the Reserve Bank and New Zealand Finance Minister Grant Robertson’s actions around money laundering laws has failed, leaving money remitters carting bags of cash around in an attempt to keep the
PNG Government approves new bank
The PNG Government has approved the Peoples Micro Bank Limited to be a full-fledged commercial bank, Papua New Guinea State Enterprises Minister William Duma says. “This means the bank and Kumul Consolidated Holdings
ANZ to close American Samoa, sell Guam businesses
ANZ is closing its banking operations in American Samoa and is looking for buyers for its Guam business. ANZ Country Head, American Territories, Clarke Schaumann, said: “This was not a decision we made lightly but we
“We are lagging behind quite poorly”
By Samantha Magick In 2020 as shops and markets all over the world were forced to close due to the coronavirus, people shopped from home, with e-commerce seeing exponential growth in many markets. And the trend will
BSP considers legal options over alleged money laundering warning
Bank South Pacific says it is considering its legal options after the Bank of Papua New Guinea formally cautioned it over what the central bank believes is “contrary conduct under the anti money laundering/counter
