His appointment was announced by Credit Corporation (PNG) chairman Wilson Kamit, who said Aitsi's appointment was subject to fit and proper requirements of the Bank of PNG.
Before his appointment, Aitsi was the PNG country manager for Newcrest. He is well known in the Papua New Guinea business community.
"Mr Aitsi is respected and highly regarded as an effective and strong leader, with extensive experience in PNG's private sector including banking and finance, media, and mining.
"The board of directors is delighted that Mr Aitsi is joining the group to lead Credit Corporation and its subsidiaries through its next stage of growth," Kamit said.
The Post Courier newspaper reported that Newcrest congratulated Aitsi on his appointment and wished him every success in the role.
"Peter has made an excellent contribution to Newcrest over the last seven years and the company's relationship with government, business, and media and community leaders. Newcrest looks forward to continuing to work with Peter as a key PNG business leader," the company said.
Newcrest executive Ian Kemish would continue to engage and work with its Port Moresby based stakeholders while the recruitment process to find a replacement for Aitsi is under way.
"Our operational and community leaders at Lihir and Wafi Golpu will continue to lead site and provincial engagement," Kemish told the Post Courier.