Bank South Pacific

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.

BSP to announce relief efforts

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.

Govt sets up disaster trust account

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.”

BSP launches new visa cards

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.