Bank South Pacific

BPNG intervention improves BSP backlog

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.

Better terms of employment for BSP staff

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.

BSP trial adjourned

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).

Trial on damage claim against BSP starts


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.

New ATM to reduce travels

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.

BSP completes settlement in Cambodia venture

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.

BSP announces interim dividend

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

The interim dividend of 32 toea per share BSP represents:

BSP partners telcos to register SIM cards

Following a two-week SIM registration drive that was conducted for BSP staff, Digicel and bmobile-vodafone have set up registration stalls at BSP branches in Port Moresby for BSP clients to register their SIM cards.

The SIM card registration is part of the National Information and Communication Technology Authority’s (NICTA) requirement.

BSP says it is happy to assist in ensuring its staff and customers comply with this important exercise.

Warwagira festival gets K5000 boost

The 23rd installment of the festival is expected to be the best yet with an array of cultural performances expected to feature.

The annual five-day event (July 12th – 16th) has grown from strength to strength every year, attracting tourists from as far as Europe and America.

Presenting the cheque to the Organising Committee, BSP Kokopo branch manager, Joe Makinta, said: “BSP recognises the need and importance of promoting and showcasing our culture for our country’s economic empowerment.

​Pom to take centre stage in summit

The Papua New Guinea International Business Summit will market business and investment opportunities to the international business community.  

Bank South Pacific has commitment over K60,000 to support the hosting of the business summit.

Day one of the Summit will focus on investment projects in Port Moresby and its contribution to PNG’s economy, while day two will be more focused on the hosting of APEC in 2018.