BSP branches recognised for community projects

In announcing this during the recent BSP Leadership Forum and Long Service Awards Night, BSP General Manager – Retail, Paul Thornton, said the Aitape Branch team accomplished a very needed project in the Lumi area where they “revisited the double classroom - installing interior walls, cementing the floors, constructing 20 desks, putting in windows and added a fresh coat of paint”.


BSP supports Vanuatu Senior Masters 2019

The Vanuatu Senior Masters is a golf tournament held at the Port Vila Golf and Country Club for players over 50 years of age.

The event attracts players from all around the Pacific, including New Caledonia, Australia and New Zealand and local golfers.

BSP joined other sponsors to support this annual event, which teed off on Friday, 31st May 2019 and ended on Sunday, 2nd June 2019.

BSP Vanuatu Country Manager, Nik Regenvanu said, “BSP is pleased to be supporting the event this year and looks forward to sponsoring other upcoming events in the future.”

Lending rates for standard housing loan reduced

The new rates are 6.5 percent pa and 27 percent pa respectively, and came into effect on 6th May, 2019.

In announcing the reduction, BSP Group General Manager Retail Paul Thornton said the new Standard Housing Loan interest rate of 6.5 percent pa represented a 0.95 percent reduction from the previous rate and is applicable to existing and new borrowers.

BSP to acquire Westpac Banking Corporation in Vanuatu

Reserve Bank Vanuatu Governor Simeon Athy delivered the good news to BSP Group CEO Robin Fleming in Port Moresby.

Athy later handed over the license for Bank South Pacific (Vanuatu) Ltd which will be effective on July 1, 2016.

The acquisition started early this year and was completed in July. BSP acknowledged and thanked the Governor and his team at the Reserve bank of Vanuatu for considering an approval to acquire the Westpac operations in Vanuatu.


BSP remain committed to acquire Westpac bank in Solomon Islands

Bank of South Pacific (BSP) is working closely with the Central Bank of Solomon Islands (CBSI) to obtain the necessary approvals and discussions with the CBSI have been positive and have well-progressed.

This was revealed in a statement by BSP Group chairman Kostas Constantinou.

He says BSP is confident for a positive conclusion of the new application that is before the CBSI to allow the transaction to proceed shortly thereafter.

BSP country managers meet in Fiji, Fiji economy continues to grow

These countries are those that have acquired former Westpac business.

BSP Senior Manager Corporate Strategy Finance & Planning Mathew Hasu says so far the transition has been great.

“Fiji being relatively central to all the Pacific Islands it was seen as a place not just as an ease of convenience from a transportation perspective but for our country managers that have arrived from the newly acquired countries to see what we are able to do here in Fiji.”

BSP bid to purchase Westpac Vanuatu Ltd rejected

A Westpac Group media release attributed the decision to continue operations in Vanuatu to timing: “Given the impact of cyclone Pam, now is not the time for a change of operators in the country’s banking sector.”

But independent sources confirmed that BSP’s application to purchase Westpac’s Vanuatu operations was rejected on technical grounds, and that BSP had not provided sufficient information to satisfy the assessment criteria.