Bank of South Pacific Limited (BSP), and PNG Ports Corporation limited (PNG Ports) today closed the financing of the State’s PGK300 Million investment in the development and expansion of the State’s new Port at Motukea Island.
The Project significantly expand the Ports storage and wharf capacity and allow increased container traffic through Motukea, it will also facilitate the movement of PNG Ports from Fairfax Harbour.
This Project represents a landmark transaction for the State and people of Port Moresby. It will facilitate the development of the CBD and revitalise the down town precinct.
Robin Fleming BSP CEO “BSP as a proud Papua New Guinea bank and PNG Ports as one PNG’s leading State companies have led this landmark transaction for PNG and we will continue to provide solutions to the strategic infrastructure sectors. BSP and PNG Ports continue their commitment to businesses and communities across PNG”.
This transaction highlights BSP as the local market leader when it comes to being able to deliver complex financial solutions for the development of major resource and infrastructure projects. BSP’s commitment and capabilities stretch well beyond pure debt financing delivering “whole of bank” solutions where all stakeholders’ requirements are met.
Colm Lynch the Head of Specialised Lending from BSP Corporate Banking explained “It’s about matching a solution based approach that meets the complex needs of all stakeholders, we make sure that our proposals have a benefit to the wider community as well as the company undertaking the project”.
BSP Group General Manager Corporate Banking, Peter Beswick, also noted that the bank has capabilities and financial solutions for Local and International companies operating in PNG.
Our team has extensive local knowledge that enables them to partner with customers to get things done. The team is supported by a market leading range of corporate finance specialists covering foreign exchange, internet banking, e-channels, working capital, and asset finance.” he says.
In addition to dedicated relationship management BSP offers our customers a “whole of bank” solution incorporating the largest retail branch network in the country.”
BSP is a major commercial banking and finance group across PNG, Solomon Islands and Fiji, with assets of approximately PGK16 billion (USD 6.4 billion) representing approximately 38% of loans and 49% of deposits across those markets respectively. In July 2015, BSP successfully purchased Westpac Operations in Cook Islands, Samoa and Tonga.
In PNG, the BSP Group holds approximately 50% market share in both loans and deposits. With a significant presence in PNG, Fiji and Solomon Islands, BSP’s growth potential has always been likely to come from acquisition or line-of-business investment opportunities.
BSP views itself as a major PNG and South Pacific banking and finance entity, with a strong regional business, and has pursued a diversification and expansion strategy, to seek out both geographic and business line opportunities of economic size and merit.
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