This was said by BOC (New Zealand) executive Wee Li Cheong this week, The National newspaper reported.

 

"As a representative office, we mainly act as a liaison office and to coordinate the necessary information gathering, market learning and understanding the local regulatory environment. We are not allowed to conduct any banking activities unlike your typical banks operating in PNG. 

 

"We are equally as excited on our representative office in Papua New Guinea."

 

This follows the signing of a memorandum of understanding between BOC and the government of Peter O'Neill for the establishment of an office in PNG.

 

Then Foreign Minister Rimbink Pato signed the deal with Liu Liange, the vice-chairman and president of BOC.

 

BOC says its strategic goal is to build the organisation into a world-class bank, "persistently enabling advancement through technology, driving development through innovation, delivering performance through transformation and enhancing strength through reform".