Bank South Pacific (BSP)

BSP CEO, Robin Fleming, said this in response to the Independent Consumer & Competition Commission (ICCC) statement calling on the bank to remove some fees and reduce interest rates to encourage a savings culture.

ICCC Commissioner and CEO, Paulus Ain, said this after BSP announced another strong performance for 2017

In response, Fleming said BSP is always conscious about the plight of customers and consumers who have experienced financial difficulties in recent years.

ICCC Commissioner and CEO, Paulus Ain, said this following the announcement of BSP’s 2017 financial results of its income to increase by K1.99 billion and its assets to increase by K22.4 billion

In a statement, Ain said over the years BSP has recorded considerable profits and has done so again for the 2017 financial period despite a very challenging economic and business climate.

Bank South Pacific (BSP) presented K30,000 to the PNG Human Resources Institute’s (PNGHRI) Council Member, Raymond John, as sponsorship toward the staging of the Annual PNGHRI conference that will be held in Port Moresby from the 15^th to the 17^th of May, 2018.

The PNGHRI Annual National Conference is an opportunity for all HR practitioners to share skills and knowledge to improve the management of people. 

BSP CEO, Robin Fleming, says Laos is being considered as part of its expansion adjacent to its current position in Cambodia.

Fleming recently spoke to Loop PNG on BSP’s service expansion plans for 2018.

He said for BSP Finance, they will focus on its expansion in Asia.

“The BSP Finance now that we’ve opened in Fiji, Solomon, NG and Cambodia, the other markets are possibly not quite as large to require a wholly independent BSP finance joint venture.

Chief Executive Officer (CEO), Robin Fleming, presented the cheque 2018 ABAC chair, David Toua, at BSP Ravalien Haus, Port Moresby, on Thursday (March 8^th).  

The sponsorship will go towards the MSME Symposium (12^th – 13^th September), and the ABAC CEO Summit (15^th – 17^th November).

He said as a leading bank in PNG and the South Pacific, BSP raised its hand in supporting the ABAC events.

The bank has continued to perform well despite the tough economic conditions over the past few years.

The milestone has resulted in an operating profit after tax of K757 million, a 17 percent increase from 2016.

BSP CEO Robin Fleming said the result is an indication of strong performances mainly in PNG, with interest income coming from the corporate sector contributions from its other Pacific markets.

In a statement, the Bank said: “Our staff are safe but as with other people in these communities, they have suffered damages to housing and personal items.”

BSP branches at Porgera, Wabag and Mt Hagen also experienced minor damage as a result of the earthquakes but remain open.

BSP sub branches at Tambul, Pangia, Wapenamanda and Ialibu also remain open.

The management and staff are currently assessing the overall destruction to their branches and equipment for appropriate repairs to be carried out, and the reopening of branches affected.

The bank now becomes the fourth active licenced insurance company in the country.

The entry of BSP into the insurance industry is seen as a positive step to develop and grow the sector.

BSP CEO Robin Fleming was presented the Life Insurance License by Deputy Governor, Gae Kauzi, in Port Moresby, formally recognising BSP Life Limited (BSPL).

Kauzi congratulated BSPL saying the licences are not easy to come by.

He also challenged BSPL to instil strong governance and best practices, which have been lacking in the past in some insurance companies.

BSP board chairman, Sir Kostas Constantinou, and BSP Group CEO, Robin Fleming, were in Cambodia to officially launch the subsidiary, which has been operating under the BSP Finance banner since May 2017.

BSP concluded equity participation in RMA Financial Services with their joint venture partners, RMA Group, in May 2017, and that the business was to be renamed BSP Finance (Cambodia).

Sir Kostas thanked the National Bank of Cambodia (NBC) and the Bank of Papua New Guinea (BPNG) for sharing BSP’s vision of opening an asset finance company in Cambodia.

Out of the participants, 8,000 students across Papua New Guinea successfully attended financial literacy trainings from 108 schools visited this year.

BSP’s acting general manager - retail banking, Kili Tambua, says: “The Bank sees the need to provide this training to students to help them in managing their finances better as they grow up to meet the workforce.”

The training includes basics in budgeting, savings and mobile money and basics on banking education.