Bank South Pacific

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.

K20,000 for National Game Fishing

In addition, BSP will sponsor a K100,000 cash prize for the first angler that lands a marlin weighing 250kg or more.

Tournament Director Mathew Geoghegan commended BSP for supporting the event.

At the presentation, BSP Relationship Manager, Corporate Banking, Karai Morea, said BSP was happy and excited to be supporting an event that encouraged growth in tourism, sports and social events in the country.

The National Game Fishing Titles has become popular in the South Pacific, attracting anglers from around the country and overseas.

 

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.”

St John Ambulance gets new vehicle

The bank has donated K225,000 to SJA PNG for the purchase of this Emergency Response Vehicle. The K225,000 also covers maintenance and insurance support over a period of five years effective from 2018 to 2022.

BSP Port Moresby branch manager Diana Guria reaffirmed this when officially announcing the bank's commitment to the SJA PNG Service in Port Moresby.

“St John is most often the first point of contact in medical emergencies. Our support is a demonstration of the confidence that we have in continuing the worthy services rendered to the community,” said Guria.

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 supports Morobe Show

A sponsorship presentation of K26,000 was made to the organising committee on 16th October for the event, which is set for October 27th-28th in Lae.

The bank sees the show as an opportunity for participants in these industries to showcase and promote agriculture, livestock, horticulture, floriculture and the SME sector in the community.

“We are always proud to support this annual exhibition. It strengthens our community and business relations in the province,” said Dennis Lamus, area manager - Momase Region.

K37.2m road opens at Morata

It was built at a cost of K37.2 million.

City Manager Bernard Kipit says the Magani Crescent road will improve the heavy flow of traffic during peak hours.

The road connects Waigani from Gerehu via the late Sir William Skate highway.

Kipit also hinted that a four-lane road will be built from Pitpit Street to the highway, making Morata an investment and development hub.

This project was made possible through a Bank South Pacific loan, while the name of the road will be changed at a later date.