Bank South Pacific

BSP scoops best private sector employer award

The award recognises top notch best practices, systems and the management of the increasing and demanding area of human resource management.

This year, BSP raised the bar in being recognised for implementing the Human Resource Information Software “iChris System” which provides and facilitates consistency of structures for its employees across the bank’s operations in PNG, Fiji, Solomon Islands, Samoa, Tonga, Cook Islands and Vanuatu.

BSP eyes Asia

He made the bold statement following BSP’s recent Annual General Meeting in Port Moresby.

Sir Kostas said the opening of an Asset Finance Company in Cambodia has proven to be an excellent decision and they are currently looking at opening in Laos, and have plans for Myanmar as well.

Sir Kostas said the decision by the Board to move into the Mekong Area of Asia followed five years of research into markets similar to PNG that BSP has extensive experience in operating in.

The entry into Cambodia just over 12 months ago has proven to be a masterstroke.

BSP expands banking network

The opening of the new BSP Freswota Branch on March 14th reflects the bank's growth strategy which is focused on strengthening its on ground presence across the countries it operates in the Pacific, while also offering a wider range of banking services to its customers.

BSP anticipates economic rebound

The proceeds from sovereign bond issue and concessional drawdowns have increased the international reserves to around US$2.5bn at the end of 2018. 

Rohan George, Group General Manager Treasury, stated: “Much needed relief was given to the market through the conversion of sovereign bond and concessional loan drawdowns. The number of outstanding foreign currency orders significantly reduced by 50 percent in the second half of 2018, and have declined by 70 percent over the past 12 months.”

BSP announces new General Manager Digital

Fleming said BSP was pleased to announce the appointment of Kulu, effective 1st January, 2019, as she joins Hari Rabura, General Manager Human Resources, as the second female to be appointed to the Executive of BSP, the largest bank in the South Pacific.

When asked about her elevation to the Executive of BSP, Nuni said this is a very proud moment for her and her family who have supported her throughout her career with BSP.

Nuni joined the former PNGBC as a graduate and has undertaken numerous roles in Treasury and Retail Banking during the course of her career.

UnionPay ‘QuickPass’ launched

The launching was marked by an event at Port Moresby’s Stanley Hotel attended by BSP CEO, Robin Fleming, and UnionPay International Chairman, Ge Huayong.

BSP CEO, Robin Fleming, said the launch was a milestone for BSP to tap into UnionPay, especially now with the APEC Summit underway.

“This is a significant milestone in particular for BSP and also for UnionPay for many UnionPay customers who are able to come to PNG are able to use the contactless payments, on all our EFTPOS devices and ATMs,” said Fleming.

2019 GDP growth expected to increase: BSP

Furthermore, this quarter, commodity prices based on the Bank’s Energy Price Index increased by 11 percent.

According to Bank South Pacific’s (BSP) Economic & Market Insight 2018, the increase in oil and national gas prices toward the end of September 2018 were above expectation.

Asian Development bank (ADB) projects GDP growth of 1.8 percent in 2018 and around 2.7 percent in 2019 in its update. 

BSP staff to increase

CEO Robin Fleming said much of the staff increase will focus on the retail section of its services to address the long client queues.

“We think there will be further staff number increase in PNG, more so than other countries during the course of 2018. We do realise we need to provide staff to certain areas, particularly in the retail area. None of us like to see the queues,” Fleming said.

He added the bank has a high focus on developing staff, beginning with its graduate and senior leadership program.

BSP to announce relief efforts

CEO Robin Fleming said most of their operations remain open, while severely affected areas have been closed due to ongoing aftershocks being experienced.

They include Moro (Southern Highlands Province), Mendi (SHP) and Tari (Hela).

He said all staff in the area have been accounted with relief packages sent to them.

“By and large most branches have been open, and continue to provide services where we can. And we’ll be making a formal announcement and relief packages later today. 

“Our thoughts are with those affected,” he said.

BSP launches new visa cards

Now containing microchip technology, the enhancements protect customers against card fraud.

Additionally, the new card enables ‘touch and go’ technology, allowing customers to make transactions much quicker.

The new visa cards were launched in Port Moresby on Thursday night by BSP Group CEO, Robin Fleming.

“And it is important for PNG to be able to have a world class system,” said Fleming.