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The Papua New Guinea Banking Corp. was set up in 1973 to take over the savings and trading business of the former Australian government-owned bank operating in Papua New Guinea. It competes with seven other private commercial banks, three of which are subsidiaries of Australian banks.

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In brief: COVID-19 surge in Papua New Guinea and other business stories. A surge of COVID-19 cases in Papua New Guinea, Oil Search posts major loss and NEC endorses the National Energy Authority Bill 2020. The midweek business news, curated for you by Business Advantage PNG.