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BSP Grants 90 Day Extension to Puma to Complete Bank Transfer Process

Friday, January 26, 2024

At the request of the PNG Government, BSP Financial Group Limited (BSP) has agreed to provide Puma a further 90 day extension from the 8th of March, 2024, for the closure of its accounts.

This action is in response to a request dated 25th January, 2024, from the Prime Minister of Papua New Guinea, Honorable James Marape.

This extension has been granted on the basis that additional time is required for Puma to complete transferring its banking requirements to another bank in PNG.

The civil unrest that affected many parts of the nation between the 10th and 11th of January, 2024, were both unfortunate and unforeseen. BSP has granted this extension considering disruptions in normal business operations for other banks, financial institutions, and the business community at large.

As a licensed bank in Papua New Guinea, BSP has an obligation to strictly comply with all regulatory requirements.

BSP has complied with its regulatory and contractual obligations in making the decision to cease Ltd banking relationship with Puma.

Puma has been offered all assistance to ensure a smooth transition to a new bank as part of our commitment to minimising the impact on the people of PNG. We urge Puma to act responsibly during this extension period and finalise alternate banking arrangements.