The Bank commenced operations in Port Moresby on 1 May 1957, as a branch of the National Bank of Australasia Limited.

Operations were later expanded to the major centres and on 1 October 1974 it was incorporated as Bank of South Pacific Limited, a wholly owned subsidiary of the Australian parent, with a paid-up capital of K2 million.

In April 1980 and August 1981, a total of 300,000 ordinary fully paid shares of K1 were issued to the public in Papua New Guinea, thus increasing the paid-up capital to 2,300,000 fully paid K1 shares. On 24 August 1993, the nationally owned company, National Investment Holdings Limited (NIHL) acquired the 87% shareholding held by National Australia Bank. On 25 October 1993, 100% ownership of the Bank was achieved by NIHL, which later changed its name to BSP Holdings Limited.

In December 1995, BSP Holdings Limited completed a successful capital raising of K2.7 million by way of a Convertible Note Issue. The holding company took up an additional 2,700,000 fully paid shares of K1 in Bank of South Pacific Limited, increasing the issued capital to K5,000,000.

At that time Motor Vehicles Insurance (PNG) Trust (now incorporated as "Motor Vehicles Insurance Limited") acquired 2,130,000 shares or a 22.42% shareholding in BSP Holdings Limited to become the second largest shareholder behind Credit Corporation (PNG) Ltd with 24.89%.

In October 1998 BSP Holdings Limited raised K12.9 million through a Rights Issue of shares at K3.00. During December 1998 BSP Holdings Limited went into voluntary liquidation and its shareholders now hold shares in Bank of
South Pacific Limited.

>>> More