DESPITE recent negative publicity alleging BSP-PNG’s money laundering saga, BSP recently released a positive and encouraging report projecting PNG’s economy growth to accelerate to 4.2 per cent in 2022.
Economic growth is projected to accelerate to 4.2% in 2022 as PNG’s economy continues to recover from a pandemic-induced recession in 2020 and with 2021 economic growth expected at 3.5%, although recent surge in Covid-19 cases poses a threat, announced BSP Financial Group Limited (BSP) in its Pacific Economic and Market Insight Quarter 2 of 2021 Report.
The report also stated that the reopening of the Porgera Gold Mine now sets the path for all stakeholders’ partnership for the next 10 years. Encouragingly, copper and oil, two of PNG’s major exports are at multi year highs.
“With the recent government announcements, BSP is looking to further increase its services as PNG’s economy begins to stabilise,” said BSP Group CEO Robin Fleming.
“BSP is always looking at opportunities to increase and improve its service levels and customers convenience. We are expanding our Branch networks – staring with the opening of Koroba Branch in Hela Province last week and later this month, we’re opening a larger premise of our Namatanai Sub-Branch in New Ireland,” added Mr Fleming.
“We are currently in the process of finalising the construction of a new branch in Eriku, Lae, Morobe Province, which is expected to be completed later this year. We are also looking into opening a second branch in Mt Hagen, recognising its position as being the central point for the Highlands region. Discussions are in progress with potential landlords,” explained Mr Fleming.
Apart from the new branches, the BSP Chief also noted that BSP has 200 registered agents in all 22 provinces in PNG which provide basic banking services to the people.
“Our agency network is an essential part of BSP’s commitment to the country and to the provision of banking services to the more remote communities in the country. This also represents the group’s commitment to financial inclusion,” reiterated Fleming
In this report, Mr Fleming also said that development partners continue to assist with budgetary support and the delivery of Covid-19 vaccinations in the respective vaccination sites around PNG.
BSP Financial Group Limited (BSP), formerly Bank of South Pacific Limited, is the leading financial institution in Papua New Guinea and the Pacific, recognised for its strong commitment to the region. We are a major commercial banking and finance group with assets of approximately K27.5 billion (A$9.8 billion).
BSP has the largest branch network in Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu with sub-branches and agents in rural locations. The BSP Group employs 4,300+ people across the Pacific and proudly supports the communities that we operate in through community projects and sports, education, health, culture and financial literacy programs.
Our channel networks can meet the banking needs of all customers wherever we operate.
- 77 Branches
- 13 Premium Service Centres
- 40 Sub Branches
- 201 Agents
- 554 ATMs
- 11,033 EFTPoS
We are proud of our whole-of-bank capabilities, with our teams in Corporate, Retail, Paramount and Treasury able to provide comprehensive solutions for our clients by drawing on expertise, experience and a broad regional presence unmatched by our competitors. PNG and the Pacific is our home. We have knowledge, history, experience and a commitment to the region that other financial institutes cannot offer.