By Delly Bagu – EM TV, Port Moresby
Bank South Pacific launched its new subsidiary, BSP Finance (BSPF), in Port Moresby today.
According to BSP Chief Executive Officer, Robin Fleming, BSP Finance will offer a new and better alternative for asset financing.
The new subsidiary comes just days after news of BSP’s acquisition of Westpac businesses in five Pacific Island countries.
Speaking at the media launch, Mr Robin Fleming said the bank is confident that BSP Finance will offer a better alternative to the PNG Market with an expanded product range, which includes term deposits, finance leases, and commercial loans.
Mr Fleming also explained that BSP Finance is not able to offer a full banking package on its own, but compliments BSP in the areas where BSPF sees 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,” Mr Fleming said.
Country manager of BSP Finance, Jodi Herbert, said BSP Finance has an effective and quick application process, ideal for its targeted business clients.
BSPF will 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 will also provide an additional distribution channel, supporting its existing customer base and growing market share in Fiji and Papua New Guinea.
With the acquisition of the Westpac businesses in Vanuatu, Tonga, Samoa, Cook Islands and Solomon Islands, BSP now has the opportunity to take this product to other Pacific Island countries.