BSP Financial Group Limited (BSP) has agreed to provide Puma a 90-day extension to the 8th of March, 2024, for the closure of its accounts.
BSP in a media release stated that this comes at the request of the PNG Government.
The extension has been granted on the basis that additional time is required for Puma to complete transferring its banking requirements to another bank in PNG.
The civil unrest that affected many parts of the nation between the 10th and 11th of January, 2024, were unfortunate and unforeseen. BSP has granted this extension considering disruptions in normal business operations for other banks, financial institutions, and the business community at large.
As a licensed bank in the country, BSP has an obligation to comply with all regulatory requirements.
BSP has complied with its regulatory and contractual obligations in making the decision to cease Ltd banking relationship with Puma.
“Puma has been offered all assistance to ensure a smooth transition to a new bank as part of our commitment to minimising the impact on the people of PNG,” stated BSP.