The country’s biggest commercial bank, BSP has entered into a MoU with Kumul Consolidated Holdings to establish a joint venture (JV) to operate Pacific MMI Limited in PNG.
In a statement released by the Port Moresby Stock Exchange, BSP Chairman Sir Kostas Constantinou stated that the MoU also allows for the expansion of the JV activities into Fiji via BSP’s established insurance subsidiary in Fiji.
He added that the strategic objectives captured by the MoU are consistent with the Group’s geographic and business diversification strategy.
The proposed establishment of a JV is subject to the appropriate board, and statutory approvals being obtained by BSP and KCH, and the necessary consent being given by the banking and insurance regulators in the respective jurisdictions.