Bank South Pacific (BSP)

BSP eyes Laos

BSP CEO, Robin Fleming, says Laos is being considered as part of its expansion adjacent to its current position in Cambodia.

Fleming recently spoke to Loop PNG on BSP’s service expansion plans for 2018.

He said for BSP Finance, they will focus on its expansion in Asia.

“The BSP Finance now that we’ve opened in Fiji, Solomon, NG and Cambodia, the other markets are possibly not quite as large to require a wholly independent BSP finance joint venture.

BSP supports ABAC meetings

Chief Executive Officer (CEO), Robin Fleming, presented the cheque 2018 ABAC chair, David Toua, at BSP Ravalien Haus, Port Moresby, on Thursday (March 8th).  

The sponsorship will go towards the MSME Symposium (12th – 13th September), and the ABAC CEO Summit (15th – 17th November).

He said as a leading bank in PNG and the South Pacific, BSP raised its hand in supporting the ABAC events.

BSP income reaches K1bn in 2017

The bank has continued to perform well despite the tough economic conditions over the past few years.

The milestone has resulted in an operating profit after tax of K757 million, a 17 percent increase from 2016.

BSP CEO Robin Fleming said the result is an indication of strong performances mainly in PNG, with interest income coming from the corporate sector contributions from its other Pacific markets.

Quake affects BSP operations

In a statement, the Bank said: “Our staff are safe but as with other people in these communities, they have suffered damages to housing and personal items.”

BSP branches at Porgera, Wabag and Mt Hagen also experienced minor damage as a result of the earthquakes but remain open.

BSP sub branches at Tambul, Pangia, Wapenamanda and Ialibu also remain open.

The management and staff are currently assessing the overall destruction to their branches and equipment for appropriate repairs to be carried out, and the reopening of branches affected.

BSP Finance launched in Cambodia

BSP board chairman, Sir Kostas Constantinou, and BSP Group CEO, Robin Fleming, were in Cambodia to officially launch the subsidiary, which has been operating under the BSP Finance banner since May 2017.

BSP concluded equity participation in RMA Financial Services with their joint venture partners, RMA Group, in May 2017, and that the business was to be renamed BSP Finance (Cambodia).

Sir Kostas thanked the National Bank of Cambodia (NBC) and the Bank of Papua New Guinea (BPNG) for sharing BSP’s vision of opening an asset finance company in Cambodia.

BSP explains first home ownership scheme

The interest in the home ownership and for affordable home loan products has been relatively high since the introduction of BSP and Government of PNG’s (GoPNG) First Home Owners Scheme in 2014.

The majority of loans funded are mostly in Port Moresby, largely due to size of market and increased interest from housing developers. However, interests from potential home buyers also remain high across PNG, from young professionals to long-serving employees in both the public and private sectors.