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BSP Grows In Fiji And Pacific

Home loans are very profitable and a popular product in Fiji. This was revealed by the BSP Group chief executive officer Robin Fleming in an interview on Tuesday at the
07 Nov 2019 15:20
BSP Grows In Fiji And Pacific
From left: BSP Life Board member Kevin McCarthy, BSP Chairman Sir Kostas Constantinou, BSP Group chief executive officer Robin Fleming, Former BSP Life managing director, Malakai Naiyaga and BSP Life managing director Michael Nacola celebrating BSP 10 Year anniversary in Fiji on November 5, 2019 at the Holiday Inn Suva. Photo: Laiseana Nasiga

Home loans are very profitable and a popular product in Fiji.

This was revealed by the BSP Group chief executive officer Robin Fleming in an interview on Tuesday at the Holiday Inn Suva.

Mr Fleming was in the country with the BSP Chairman Sir Kostas Constantinou to celebrate with the BSP Fiji staff, the 10 Year Anniversary of BSP’s acquisition of the Colonial Fiji Group..

In Fiji, total customers are more than 150,000, in PNG 1.5 million customers.

“Our home loan product has been one of our key drivers.”

BSP has one of the largest branch network in Papua New Guinea, Cook Islands, Fiji, Solomon Islands, Samoa, Tonga and Vanuatu with branches and sub branches in cities and towns in these countries and also in remote rural locations. .

The bank’s branch network is complemented by electronic banking networks that can meet the banking needs of its customers wherever they operate.

Mr Fleming highlighted:

  • We are a listed company and the ownership of BSP is quite broad.
  • One of the key shareholders is Fiji National Provident Fund with over six per cent of shareholdings of BSP Group. The beneficiaries of the profit are BSP.
  • The superannuation fund in PNG, Fiji, Solomon Island and Samoa are shareholders.
  • We have a strong dividend policy where 75 per cent are the people of each country of which we live and operate.

Sir Kostas highlighted

  • BSP Life originated in Fiji, we are very proud and we have grown the business by 100 per cent. This is a great result by the Fijian team and I am extremely impressed with them. Results like this don’t just happen its the work and dedication of staff.

BSP has achieved these results for a number of reasons:

  • We are here, as we are of the Pacific. Genuinely we are a Pacific Bank, to service people of the Pacific
  • We are growing in all the market because of who we are and what we do. We do it well.

Sir Kostas highlighted some core values:

  • Focus on customer’s needs
  • We value and advance our staff and throughout the organisation. The values give us vision and it really gives us passion.
  • We support the community where we are represented.
  • Profit is important to us, but it is covered in what we do.

Acquisition reflection by Mr Fleming:

  • It was significant decision back then to acquire the Colonial Bank now BSP Bank because we a are bank and our key strength was banking.
  • And when we took over the Colonial Group in we took over the Life business as well and again it was one of the challenges we had to grapple with, how to deal with the life insurance business when you are in bank.
  • In discussion with Reserve Bank they were quite accommodative in terms of how we protect the policy holders of BSP Life whilst ensuring the acquisition could continue.
  • So we ended up in a very competitive market position in the bank in Fiji. Along from the small Renwick Road branch, to the extent now where we have the largest branch network and we are number two in lending.
  • When you buy a business, you don’t just buy the balance sheet, you have staff that come with it. It is very important that the staff recognise that the new owner is someone that values them.
  • We have customers and you have to build and rebuild trust.
  • Of course the livelihoods of our staff and customers are our our responsibility and is even more for financial institutions.
  • Because we have a social licence that comes with the bank and BSP Life .
  • Sir Kostas and Mr Fleming thanked BSP Life Board member Kevin McCarthy, Former BSP Life managing director, Malakai Naiyaga and BSP Life Managing Director, Michael Nacola, who have been and are at the helm and continue to stir the company into the future.

Feedback: maraia.vula@fijisun.com.fj

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