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BSP responds to media reports regarding Puma

Tuesday, January 23, 2024

BSP wishes to clarify key facts in response to reports in the newspapers dated Monday 22nd January, 2024, regarding Puma Energy.

BSP gave Puma 90 days’ notice to close company accounts on 9 June, 2023. The reasons for BSP’s decision are known to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit and have been communicated to the Government.

At the request of the Government, BSP extended the deadline to 8 March, 2024. Puma’s account with BSP is currently operational. By 8 March, 2024, Puma will have had nine months to act responsibly, and make alternate banking arrangements.

BSP Group CEO Mark Robinson said, "BSP has complied with all State of Emergency Orders and has given Puma over seven months to secure alternate banking arrangements. This is more than ample time. Currently the customer has the capacity to operate their company accounts with BSP, but this will end in March.  We will work with Puma, like any customer, to facilitate a smooth transition to alternate banking facilities."