Company Information

Credit Corporation (PNG) Limited commenced business in 1978 as a general finance company. It has grown successfully to become recognised as one of Papua New Guinea's most progressive institutions.

The Company specialises in providing the following range of financial products and services:

  • Chattel Mortgage and Lease Finance for customers to acquire a wide variety of motor vehicles, heavy machinery and plant and equipment for commercial and business use.
  • Specially tailored financial packages.
  • Attractive investment facilities.

In addition, through its subsidiary companies, the Credit Corporation Group owns and manages a portfolio of prime real estate assets. Shareholders have received a dividend each year since the incorporation of the Company in 1978. The Credit Corporation Group presently owns assets valued at over K811 million and operates offices in Port Moresby, Kokopo and Lae in Papua New Guinea, in Suva, Nadi and Lautoka in Fiji, in Honiara in the Solomon Islands and in Port Vila in Vanuatu. Credit Corporation (PNG) Limited is a registered company under the Papua New Guinea Companies Act 1997 and is incorporated and domiciled in Papua New Guinea

Board of Directors

GARTH MCILWAIN

GARTH McILWAIN

GARTH MCILWAIN CBE, F.Fin, FAICD
Director since December 2008
Chairman since January 2009
Mr McIlwain is a founding Director (1978 - 2000) and a former Managing Director and Executive Director (1979 - 2000) of the Group. After almost fifty years in banking and finance employment he recently retired as Managing Director, Bank of South Pacific Limited having successfully administered the merger of the state owned Papua New Guinea Banking Corporation and Bank of South Pacific Limited (2002 - 2008). He commenced his career in the Commonwealth Bank of Australia and subsequently held senior positions in the Reserve Bank of Australia and the Bank of Papua New Guinea.

His other current directorships include Chairman, East New Britain Properties Limited and a Director of Tower Insurance Limited..

MICHAEL KOISEN

MICHAEL KOISEN

MICHAEL KOISEN ML, FAMI, SA Fin, MAICD
Director since June 2002
Mr Koisen currently holds the position of Chief Executive Officer with Teachers Savings and Loan Society Limited. He has a career spanning over 30 years in the savings and loan industry, 20 of those years as a Chief Executive Officer. Mr Koisen serves in a non-executive capacity as Chairman of the Federation of Savings and Loan Societies, Chairman of Capital Life Insurance Limited, Director of Airlines of Papua New Guinea Limited and Director of the Credit and Data Bureau Limited.

IAN TARUTIA

IAN TARUTIA

IAN TARUTIA MBE, FAICD, SA Fin, MPNGID
Director since July 2008
Mr Tarutia is the Joint Chief Executive Officer of NASFUND. In other capacities he serves as Chairman of Nasfund Contributors Savings & Loan Society, Director on the boards of Cloudy Bay Sustainable Forestry Limited, East New Britain Properties Limited, Federation of Savings and Loan Societies Limited and PNG Mama Graun Trust. In the past, he has served as a director on the Ramu Agri Industries Board and Amalpack Limited. He is also a Past President of both the Papua New Guinea Institute of Directors and the Badili Club, a professional networking association.

JOHN DUNLOP

JOHN DUNLOP

JOHN DUNLOP C.A.
Director since September 2009
Mr Dunlop joined the Board in September 2009 and is the Chairman of the Group Audit and Risk Management Committee. After working as an accountant in New Zealand, the Solomon Islands and Fiji, he arrived in PNG in 1983 to work for Steamships Trading Company Ltd, where he held a number of roles including Finance Director and Managing Director. Currently Mr Dunlop serves as a non executive director of Steamships Trading Company Limited, CPL Group Ltd, Hardware Haus Ltd, John Swire & Sons (PNG) Ltd and John Swire & Sons Pty Ltd.