BSP - Papua New Guinea's leaders in innovative banking and financial
solutions is proud to introduce its newest subsidiary BSP Finance (PNG)
BSPF will offer the business houses of Papua New Guinea a new and better alternative for their asset finance needs.
In November 2014, BSP Finance opened its first Branch in Suva
Fiji. This was subsequently followed by the December opening of its PNG
operation in Port Moresby
The BSP Board are confident that customers will find BSP
Finance a helpful and open minded business partner in the future. They
are also confident that it will offer a better alternative to our chosen
markets with an expanded product range.
The establishment of this entity will enable BSP to extend
its financial and lending activities into broader sectors of the local
economy throughout Papua New Guinea and the South Pacific region.
BSP Finance is not able to offer a full banking package on
its own, but compliments BSP in the areas where we see opportunities
currently available to support our existing and potential new clients.
BSPF will be in a position to engage the assistance of the
Bank's existing Asset Finance team to assist with restructuring,
refinancing and offer new and innovative ways to improve its customer's
asset finance business for more complex transactions.
BSPF offer competitive interest rates, fast approvals and
fast turn-around times which BSP has identified is essential in the
Asset Finance market and critical to clients needs.
BSP will use our current brand to build the BSP Finance Brand
- BSP is already well regarded in the market and we are keen to build
on this position to assist all our clients achieve their financial
BSPF will communicate to the market through media releases,
press advertisements and also direct communication with clients that it
will offer a better alternative. We aim to offer fast approvals, fast
settlements, a prudent risk appetite and in conjunction with BSP Bank a
"one stop shop" for finance and banking needs.
BSPF through flexible policies will provide a finance
alternative to those who don't meet the traditional guidelines for
commercial banks or who need the fast turnaround times to meet their
BSPF will not only complement BSP's existing product
offering, it will also provide an additional distribution channel
supporting its existing customer base.
BSPF is headed by Jodi Herbert, formally BSP Bank
Corporate's, Head of Asset Finance. Jodi has 10 years' experience in the
PNG Asset Finance market and has recruited a team of very capable and
energetic staff, which will be more than happy to assist you with any
Asset Finance needs that are not able to be handled by BSP Bank.
BSP is reinforcing its strength as a major player in the
banking and finance industry in the South Pacific region. Management
reaffirms that the formation of BSPF stems from the need to develop a
strong, portable, asset finance capability within the BSP Group and the
move has been fully endorsed by the BSP board of directors.
The Board of BSP and the Management are confident that BSPF
is a step in the right direction for the Group. This strategic move will
allow a far broader spectrum of clients to enjoy the services from the
BSP as a Group is committed to improving our product offers,
service levels and access to banking services for our customers by
introducing new services and technology. This gives people more freedom
and contributes to a better life.