Bank South Pacific

CEO Robin Fleming said most of their operations remain open, while severely affected areas have been closed due to ongoing aftershocks being experienced.

They include Moro (Southern Highlands Province), Mendi (SHP) and Tari (Hela).

He said all staff in the area have been accounted with relief packages sent to them.

“By and large most branches have been open, and continue to provide services where we can. And we’ll be making a formal announcement and relief packages later today. 

“Our thoughts are with those affected,” he said.

Prime Minister Peter O’Neill announced this yesterday in Port Moresby.

PM O’Neill said all donations from Papua New Guineans must be put through this Trust account.

He added that all government efforts had been directed to the account as well.

The account number is 70129 85888.

“All donations must go through this particular account because we want it to be coordinated and audited properly,” stated O’Neill.

“We want the money to reach the communities that really deserved it.

“We don’t want to waste any resources.”

Now containing microchip technology, the enhancements protect customers against card fraud.

Additionally, the new card enables ‘touch and go’ technology, allowing customers to make transactions much quicker.

The new visa cards were launched in Port Moresby on Thursday night by BSP Group CEO, Robin Fleming.

“And it is important for PNG to be able to have a world class system,” said Fleming.

Bank South Pacific says since the introduction of more than K300 million into the market by the Central Bank, they have reduced around K150 million in backlog orders.

Group CEO chairman, Robin Fleming, said while the backlog hasn’t changed much, the total outstanding has improved.

“During October it actually reduced by the best part of a K150 million when the bank of PNG put the full US$$100 million that was indicated in the 100 day plan.

General Secretary of the PNG Banks and Financial Institutions Workers Union, Vera Raga, made the comments today during the signing of a memorandum of understanding (MoU) and revised Industrial Agreement with Bank South Pacific.

The signing of the instruments will see BSP implement new better terms of employment for staff which are not contained in the employment act.

The benefits include improved maternity conditions, improved retrenchment conditions and job security.

The adjournment is to allow time for businessman and Madang Governor Peter Yama, to get proper legal advice and file his submissions on a counter-claim of K17 million by BSP against the Yama Group of Companies.

Yama filed the lawsuit in 2015, claiming the damage of K2.7 billion, after the Supreme Court on December 2014, ruled in favour of Smugglers Inn Ltd and the Yama Group of Companies, following a 13-year court battle with Bank South Pacific (formerly PNG Banking Corporation).

The trial started yesterday afternoon with the tendering in of court documents after a preliminary applications to have the trial further adjourned was refused by Justice Ere Kariko.

Yama asked for an adjournment to engage the services of an expat lawyer, preferably a Queen’s Counsel, after he withdrew instructions from his lawyer on Monday morning when the trial was to begin.

He appeared in person in court yesterday.

The Bank South Pacific (BSP) officially launched the new ATM at its Kerevat sub-branch recently adding to its existing growing services in the Province.

The event was attended by Police Minister and Member for Gazelle, Jelta Wong, as well as the District Development Authority (DDA) CEO, Rosemary Murure, and Board Members.

Minister Wong expressed his gratitude towards BSP for providing this vital service to his people and the District.

During the announcement of BSP’s 2017 half year results, CEO Robin Fleming said close to K24 million was spent to settle the joint venture with RMA Finance.

“We’ve contributed our shareholders’ funds plus our shareholders’ loan in close to $8 million. We now are 50 percent owners of a business called RMA Cambodia. It’s soon to be rebranded BSP Finance, we’re just waiting for the National Bank of Cambodia to approve the change of name.

In a statement, BSP Group Chairman Sir Kostas Constantinou announced the dividend payment will be payable on the 20^th of October.

The interim dividend of 32 toea per share BSP represents: