BSP received regulatory approvals by the Central Bank of Solomon Islands to establish BSP Finance operations in Solomon Islands on 20th April 2017
The launch of BSP Finance (Solomon Islands) Limited coincides with BSP celebrating its 10th anniversary of operations in the Solomon Islands.
The BSP Board is 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.
BSP Group Chairman Sir Kostas Constantinou OBE said BSP Finance will compliment BSP in the areas where "we see opportunities currently available to support our existing and potential new clients." BSP Finance (Solomon Islands) Limited offices are located at Room No.1F Ace Complex Kukum Highway, East Honiara and will open on Monday 18 September 2017.
It will offer the businesses in Solomon Islands a new and better alternative for their asset finance needs. The establishment of this entity will enable BSP to extend its financial and lending activities into broader sectors of the local economy throughout Solomon Islands and the South Pacific region.
BSP Finance 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.
BSP Finance 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 Finance Ltd now operates in Fiji, Papua New Guinea, Cambodia and Solomon Islands.
With general increase in business and steady loan portfolio growth, Sir Kostas states that the Group reported in its 2017 half year results, a consolidated operating profit after tax of K370.9 million, a 23% increase on the consolidated 2016 operating profit after tax. The group announced that the Pacific Island Branches and subsidiaries contributed well to the first half year performance.