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BSP Launches Asset Financing Subsidiary

Bank South Pacific has launched a new asset finance company that will offer Fijians a new alternative for their asset finance. BSP Finance (Fiji) Limited, a subsidiary of BSP, was
09 Oct 2014 00:50
BSP Launches Asset Financing Subsidiary
From left- Summet Tappoo, Dr. Krupali Tappoo with Prime Minister Voreqe Bainimarama during Sai Sanjeevani medical centre 4th year anniversary on September 19, 2020. Photo: Ronald Kumar.

Bank South Pacific has launched a new asset finance company that will offer Fijians a new alternative for their asset finance.

BSP Finance (Fiji) Limited, a subsidiary of BSP, was officially opened for business on Ratu Mara Road in Samabula. The initial investment into the company is said to be $4 million.

BSP Group chief executive, Robin Fleming, said the decision to open the finance arm in Fiji was due to business confidence, sizable market and skilled workers for the job.

“One particular need which was identified only 12 months ago was a need for an asset finance company,” Mr Fleming explained.

“A need where we’re rattled to hopper and develop our product, speed to market, meet our customers’ requirements, all within the context of our group’s at risk appetite.

“It is a significant event for BSP and gives us the opportunity to be able to sell products by the appropriate company that meets our customers’ requirements.”

The subsidiary was officially opened by BSP Group chairman, Kostas Constantinou, who was accompanied by other executives.

Why Fiji?

BSP Finance in Fiji will set the ‘blueprint and the template’ for other branches to be opened in the region, Mr Fleming said.

There will be a roll out of branches in Nadi and Lautoka followed by the gradual opening in Papua New Guinea next month and in the Solomon Islands and elsewhere in future.

“This is just the beginning of our asset finance business. Fiji has given the honour of establishing it here and they’ve done very well in a short timeframe … with the appropriate approvals and the appropriate government standards, the appropriate capitalisation.”

Mr Fleming added their confidence in staff members would help execute the products and services under BSP Finance successfully.

“This is a profitable business that meets our board’s desires for longer term financial gain for our shareholders and also in our capacity to offer products in all different market segments.”

Target market

BSP Finance general manager, Krishna Raju, said their target markets are middle to low income earners at this stage and small & medium enterprises (SMEs).

“Because the corporate sector is well looked-after by the bank, we’d like to look after the lowest end of the market,” he said.

14 jobs have been initially created through the subsidiary with more will be made to cater once other branches open in the not-too-distant future.

Feedback:  ranobab@fijisun.com.fj

 




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