In response to recent media reports, BSP aims to set the record straight regarding its decision to close Puma Energy's company accounts.
BSP initiated a 90-day notice to cease operations on June 9, 2023, citing reasons already communicated to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit, which have also been relayed to the government.
Following a request from the government, BSP extended the account closure deadline to 8th March 2024. Presently, Puma Energy's account with BSP remains operational.
By March 8, 2024, Puma will have had a nine-month window to responsibly manage its affairs and establish alternative banking arrangements.
Mark Robinson, BSP Group CEO, emphasised, "BSP has adhered to all State of Emergency Orders, providing Puma with over seven months to secure alternative banking solutions. This timeframe is more than sufficient. While the customer currently operates their accounts with BSP, this privilege concludes in March. We are committed to collaborating with Puma, like any other customer, to ensure a seamless transition to alternative banking facilities."