Bank South Pacific

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.

BSP introduces new branded cards

Bank South Pacific, PNG, today announced their new branded Kundu Cards.

It’s either a Queensland Maroons or a New South Wales Blues bank card, depending on which team you support.

Bank South Pacific Group CEO, Robin Fleming, announced the new range of the co-branded BSP cards today at the BSP’s Harbour City Branch in Port Moresby.

The co-branding follows extensive research and surveys and numerous discussions and negotiations between the bank and the Australia Rugby League (ARL).

K80,000 for PNG Swimming Inc.

The program includes the Kundu Bronze, Silver, Gold and Platinum Target Squads that aims at giving young swimmers the opportunity to progress further in competitive swimming and has been supported by BSP since 2004.

PNGSI President, Elizabeth Wells, upon receiving the sponsorship, thanked BSP for its continued support as it contributed positively to developing young talent in the country.

The event was witnessed by young up and coming swimming stars, executives of PNGSI and BSP representatives at the Taurama Aquatic and Indoor Centre (TAIC).

Solar lights for Markham school

The solar lighting will also reduce the school’s expense to maintain power generators.

The installation of the solar lighting kit was done recently under the Bank South Pacific’s Lae Branch Community Project.

Markham Valley Secondary School Principal, Billy Kayo, thanked BSP for the assistance and encouraged the staff and students of the school to recognise the support and to be responsible in taking care of the solar equipment. 

BSP credit rating lowered

According to the Standard & Poors (S&P) 2018 revised ratings assessment report released on April 30th, S&P has lowered BSP’s credit rating from 'B+' longterm and ‘B’ short term ratings outlook on the Bank to ‘B’.

At the same time, S&P’s longterm issuer credit rating outlook for Bank South Pacific Ltd is ‘stable’.

BSP Bard Chairman, Kostas Constantinou, says the movement in BSP’s rating follows a similar revision of Papua New Guinea’s sovereign rating which was announced recently.

BSP AGM set for May

Among the agendas will be the Annual Report and Financial Statements for 2017, re-election and election of directors, the appointment of auditor, and increase in aggregate fee limited for the non-executive directors’ fee.

Directors Geoff Rob and Augustine Mano retire by rotation and offer themselves for re-election, and the election of Stuart Davis and Robert Bradshaw, as directors who have been appointed by the board to fill casual vacancies since the last annual meeting.

The AGM will be held at the Crowne Plaza in Port Moresby commencing at 10.30am.

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.