The National Banking Corporation (NBC) is gearing up for an exciting new chapter as it plans to publicly list its stocks in early 2025. This ambitious move is all part of Prime Minister James Marape’s vision to enhance local ownership and investment opportunities for Papua New Guineans. During the launch of this newly established commercial bank, Marape appealed to superannuation funds, provincial governments, and individuals alike to seize the opportunity and become shareholders.
The anticipated initial public offering (IPO) at the Papua New Guinea Stock Exchange is set to happen towards the end of next year, and excitement is already building among potential investors. Marape’s goal is clear: he aims for a remarkable 80% of NBC’s shares to be owned by Papua New Guineans and local enterprises, with the remaining 20% retained by the State through Kumul Consolidated Holdings. “When we offer the IPO, I want to see our provincial governments, the Bougainville government, and our everyday citizens becoming part of this venture,” Marape emphasized.
His call to action is not just about investment but is a rallying cry for national unity and economic empowerment. Marape expressed his enthusiasm, stating, “Let’s make NBC the biggest commercial bank in the country. Be ready because I will ring the bell very soon.” This sentiment reflects a broader commitment to building a diversified and resilient economy in Papua New Guinea.
Currently, NBC operates ten branches across the nation, with plans to expand its reach into every province, including Bougainville. Originally established in 2013 as the People’s Micro Finance Bank, NBC has focused on providing valuable microfinance banking services tailored to small income earners and the general populace. As a subsidiary of the National Development Bank, which is one of the nine State-owned enterprises, NBC is well-positioned to make a meaningful impact on the financial landscape of Papua New Guinea.
Investing in local banking institutions not only fosters economic growth but also empowers citizens, helping to build a financially literate society. As the IPO date draws closer, budding investors should keep an eye on this transformative opportunity to be part of Papua New Guinea’s financial future.
Stay tuned for more updates as this story unfolds!
#BusinessNews #PapuaNewGuinea #WorldNews #Economy #Investment
