Bank South Pacific (BSP) is proud to be a partner in much of the progress and development that has been achieved over the 40 years Papua New Guinea has been Independent.
According to BSP Group CEO Robin Fleming, Papua New Guinea’s 40th anniversary is a milestone event for the country and BSP joins the people celebrating this prestigious and significant event.
Prior to Independence, BSP operated as the PNG Banking Corporation and the much smaller BSP. Following PNGBC’s privatisation and amalgamation with BSP, the bank has continued to grow and expand, financially and operationally. Today, BSP is a modern and energetic bank with the largest branch, rural and electronic banking networks in PNG, Fiji, Solomon Islands, Cook Islands, Samoa and Tonga.
BSP also has a Life Insurance firm, BSP Life, in Fiji, and a finance firm, BSP Finance, in Papua New Guineas and Fiji, BSP Capital. BSP employs almost 4,000 people and is the largest non-mining contributor to tax revenues in Papua New Guinea. Its largest shareholders are IPBC, Nambawan Super and Nasfund. This means that Papua New Guineans benefit from the financial success of BSP, as the bank pays to its shareholders approximately 70% of its profit after tax.
Indeed, BSP has contributed significantly to progress and development of Papua New Guinea and remains committed to providing the highest level of service combined with market leading financial solutions to our corporate and retail customers.
Mr Fleming explains that banking is an essential part of nation building as it encourages people to participate in economic development and BSP is proud to be at the heart of it all, by providing convenient and safe banking products and services nationwide. BSP has 42 Branches, 44 Sub Branches, 229 Agents, 13 Premium Service Centres, 9, 000 + EFTPoS, 301 ATMs and provides modern internet and mobile banking facilities.
“These branches provide access to banking and a service to the community that no other bank is prepared provide. We actively go to all areas in the country to open accounts, provide financial literacy training and set up an agency network extending beyond even our most remote branches. I commend our staff in these areas for their commitment and dedication,” Mr Fleming said.
BSP is providing banking options for students through its Sumatin Accounts and for children through the Kid’s account. BSP has products specifically designed for its rural customers and for those working in towns and cities. BSP is the largest provider of Home Loans and Personal loans in PNG, and is actively supporting the emerging engine-room of economic growth, PNG owned and operated small businesses by helping them establish a financial history and then making credit facilities available to them.
“We are truly committed to PNG. BSP is the only company and the only bank that operates in every province in Papua New Guinea,” Mr Fleming said.
And so is BSP’s interest in the future, with its continued and growing investment in a diverse range of community projects and health and well-being programs to designed to help others grow. Between 2009 and 2014 BSP delivered 202 community projects throughout PNG, this is an investment worth over K4million.
The bank’s projects are typically in the form of school equipment and classroom refurbishments, hospital and aid-post repairs, water tank installations, market and public area clean-ups, and support of equipment and funding of various charities. The projects are initiated by Bank staff who also volunteer their weekends to work on these projects for the benefit of their communities.
BSP also supports major cultural, community, sporting festivals and other worthy initiatives. The most recent was as Official Sponsor of the 2015 Port Moresby Pacific Games.
The successful XV 2015 Pacific Games have showcased Papua New Guinea in an exemplary fashion across the region. In terms of quality facilities, logistical and organisational capabilities, the Games were an outstanding success. This was complimented by everyone in Papua New Guinea warmly and hospitably welcoming all our guests and visitors in a manner which truly promotes Papua New Guinea most positively.
“The sense of pride by all Papua New Guineans was overwhelming, and there is now confidence that Papua New Guinea as a nation has the capacity to deliver the Pacific Games then we have the capacity to deliver in other areas as well,” Mr Fleming added.
As a nation Papua New Guinea has achieved much in its 40 years of independence. The achievements of our country have not been without many difficulties, disappointments, poor decisions and at times lapses of governance. However, Mr Fleming believes that Papua New Guineans should never lose sight of what has been achieved.
“As Papua New Guinea celebrates celebrate its 40th Independence Anniversary I am sure that we will draw on the experiences of past – both the successes and the disappointments – to meet the challenges that the future will present with confidence,” he added.