Bank South Pacific

BSP Staff Recount Merger Experience

The announcement then had caused apprehension for staff from the PNGBC, wondering if there would be job cuts or position redundancies, and what the structure of the new organisation would be.

Now 20 years on, BSP is the largest commercial bank in Papua New Guinea, the South Pacific, and with two subsidiary branches in South East Asia.

BSP has more than 3,100 staff in PNG and 4,600 across the group. Some of the 366 staff who are still employees of the bank today, shared their experiences on the merger.

NSL Signs Up To Mobile Banking

Choice Super members at Nambawan Super can now make payments from anywhere in the country with ease through Bank South Pacific’s 24-hour mobile banking service. 

Nambawan Super CEO, Paul Sayer encouraged Choice Super members to utilise the service by quickly signing up for BSP’s mobile banking at their nearest BSP branch. 

“Once you’ve signed up, you can deposit into your Choice Super account by dialling *131# from your Digicel or Bmobile phones, which is more convenient than commuting every fortnight or month to make a super payment,” Mr Sayer said. 

BSP Warned By Regulator

In issuing the formal warning today, the Bank of PNG is also calling for BSP to remove certain executive management staff and to appoint an external auditor. In highlighting 8 issues which Bank of PNG says contravened the Act, the regulator says BSP has failed to identify legitimate sources or reasons for several million Kina in payments by one customer to another customer who is a Politically-Exposed Person.

Students scoop SME essay awards

In its second year running, the competition targeted Grade 12 students in selected secondary schools around the country to discuss in 500 words or less, the theme, “Impact of COVID-19 on Micro Small and Medium (MSM) Businesses in PNG”.

NASFUND congratulates BSP

The 2019 Full Year Results, announced to shareholders on May 22nd, includes a Net Profit After Tax of K890 million, and a final dividend payment of K0.96 bringing total 2019 dividends to K1.34 per share to shareholders. NASFUND owns 9.7% of the largest and fastest growing bank in the Pacific Region.

Commenting on these results, NASFUND Chairman Charles Vee commended BSP Chairman Sir Kostas Constantinou & the Board, Group CEO Robin Fleming, Management and Staff for delivering sterling results for the 2019 year, even in a sustained challenging environment.

BSP Final Dividend Announcement for 2019

Sir Kostas noted that despite challenging macroeconomic conditions in PNG and other Pacific countries in which BSP operate, BSP Group again recorded improved outcomes in 2019 with a net profit after tax of K890.4m, an increase of K46.3m on the 2018 result.

BSP highlights impact of COVID -19 on the economy

The report highlighted the forecast impacts on economic growth across the region in the immediate aftermath of the global Covid-19 pandemic.

BSP SME customer launches payment page

Ginia Sialis, Owner and Director of Tapioca Delight, says they will now be able to capture a lot of business from overseas clients having missed a lot of international orders because of the difficulty in receiving payments.

“This eases payment process from customers overseas and in PNG, who are now able to generate and pay for their orders from our website with so much more convenience. TT and Western Union were too much of a hassle for us,” said Sialas.

BSP Reduces Indicator Lending Rate

BSP’s lending products that are linked to its ILR will reduce by 1% from 1 April, 2020, and other products such as its variable rate, Home Loan will reduce by 1% to 5.5%.

In a statement on March 31st, BSP CEO Robin Fleming said: “Our fixed rate loan products are treated slightly different to the variable rate. Our First Home Owner Housing Loan will remain at 4.00% pa fixed. New Personal Loans and New Smart Business Loans/SME Loans will have a 1% reduction in interest rate which in the case of Personal Loans will be 26%.”

BSP announces profits for 2019

The result follows another positive year despite economic headwinds and uncertainties, with the company once again surpassing K1 billion (K1.25b) revenue mark.

CEO, Robin Fleming, announced the results in Port Moresby on March 2nd.

Despite total income remaining flat, the BSP Group recorded a consolidated operating profit after tax of K890.4 million for the 2019 financial year; a 5.5 percent increase from 2018.