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NEC APPOINTS NEW NDB ACTING MANAGING DIRECTOR

Mr. Aaron Underdown is the new Acting Managing Director for the National Development Bank (NDB) after he was appointed by the National Executive Council (NEC) effective on Friday 30th October 2020

Mr. Underdown spent most of his career with ANZ working as a Senior Risk professional in a number of areas including Asset Finance, Property Finance, Commercial & Agriculture and Retail & Business Banking with most of that time spent in credit risk management, policy & portfolio reporting. Most recently he worked in the operational risk & compliance managing the retail activities across the Branch Network, Business Banking, Private Banking, Contact Centre & Wealth. He brings with him over 25 years of banking experience. NDB Board, management and staff also acknowledges and pay tribute to Mr Liu’s positive contributions. He was the executive manager accounting and finance when NEC appointed him to the post on August 19, 2014. His extensive experience in senior financial management roles in the private sector has been a bonus to his positive contributions towards the Bank’s loan book during his five year term as the Bank’s managing director. Under Mr Liu’s tenure, he contributed successfully to the delivery of positive operating profits for the years 2014 to 2019 despite the challenging operating environment and the depressed state of the economy.Under his leadership, NDB has been consistently operating profitably over the years despite lending at a fixed interest rate of 6.5%. Total lending to the SME sector has grown by K781 million (K24m – K781m) as the focus has been on enabling ordinary Papua New Guineans to start up new enterprises or grow existing successful businesses. NDB has contributed in delivering these changes to small businesses which has been a real game changerin the livelihood of a lot of people in the country. NDB looks forward to continuing to support the people of Papua New Guinea. Mr. Liu will be officially farewelled on Monday the 2nd of November 2020.

November 24, 2020