BSP launches new subsidiary in Papua New Guinea

Bank of South Pacific BSP, Papua New Guinea's leaders in innovative banking and financial solutions, launched its newest subsidiary BSP Finance (PNG) Ltd (BSPF) in Port Moresby today. 

BSPF will offer the people of Papua New Guinea a new and better alternative for their asset finance needs, says BSP CEO, Robin Fleming.

Speaking at the media launch, Mr Fleming said the bank management is confident that customers will find BSP Finance a helpful and open minded business partner. "We are also confident that it will offer a better alternative to the PNG Market with an expanded product range, which includes term deposits, finance lease and commercial loans," he said. 

Mr Fleming also explained that BSP Finance is not able to offer a full banking package on its own, but compliments BSP in the areas where BSPF sees opportunities currently available to support our existing and potential new clients.

"BSPF will be in a position to engage the assistance of the Bank's existing Asset Finance team to assist with restructuring, refinancing and offer new and innovative ways to improve its customer's asset finance business for more complex transactions," said Mr Fleming. BSPF will offer competitive interest rates, fast approvals and fast turn-around times which BSP has identified is essential in the Asset Finance market and critical to client's needs.

In the last few years, BSP has shown to the market the progressive nature of the Bank - with expansion into the South Pacific and an extensive commitment to expand and improve services within Papua New Guinea - BSP is determined to bring a new level of understanding and service to our customers.

"I am delighted to confirm that BSP Finance's flexible policies will provide a finance alternative to those who don't meet the traditional guidelines for commercial banks or who need the fast turnaround times to meet their needs," Mr Fleming added.

BSPF will not only complement BSP's existing product offering, it will also provide an additional distribution channel supporting its existing customer base and grow market share in Fiji and Papua New Guinea. With the acquisition of the Westpac business's in Vanuatu, Tonga, Samoa, Cook Islands and the Solomon Islands, it gives BSP the opportunity to take this product to other pacific islands.

BSP Board Chairman, Kostas Constantinou, who also serves as BSPF's Board Chair, said with the launch of BSPF, BSP is reinforcing its strength as a major player in the banking and finance industry and the expansion into other South Pacific island countries is on the horizon.

"BSPF is a step in the right direction for the Group. This strategic move will allow a far broader spectrum of clients to enjoy the services from the BSP Group," he said and reaffirmed that the formation of BSPF stemmed from the need to develop a strong, portable, asset finance capability within the BSP Group and the move is supported by the BSP board of directors.