BSP - Papua New Guinea's leaders in innovative banking and financial solutions is proud to introduce its newest subsidiary BSP Finance (PNG) Limited.
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 objectives.
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 needs.
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 Group.
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.