SUNBIZ

BSP Applaud Government’s Policy

“We’ve seen a good rebound in the economy."
25 Jul 2022 13:41
BSP Applaud Government’s Policy
Bank of the South Pacific board of directors and executives during a cocktail with business stakeholders at the Grand Pacific Hotel in Suva on July 22, 2022. Photo: Laisa Lui

The Bank of the South Pacific executives have applauded the Fijian Government policies which they believe strongly contributed to the quick recovery of the economy.

BSP Group Chief Executive Officer Robin Fleming recognised the policies adopted by the Government which led to the economy in Fiji to bounce back really strongly and that gave the tourists the confidence to travel to Fiji.

“We’ve seen a good rebound in the economy, competition in the banking sectors very tight as PNG with 65. 66 per cent market share,”Mr Fleming said.

“Fiji holds a 28 per cent market share and hope to bring that up to 30-35 per cent,” Mr Fleming said.

He said it was very important for the board executives to visit all of the countries in which they operate.

 

“Traditionally we visit one of our offshore branches once a year, and COVID-19 had restricted our travel to overseas over the period of time.

“We thought the first country that we should visit in our annual board meeting rotation should be Fiji because they’ve achieved a lot especially in the last 12 months when we’ve been able to grow our market share and were number one in lending.”

“Therefore to bring the board over here was really fantastic for them, to see how big the businesses here in Fiji and also to give an opportunity for the staff to meet all of those directors and our chairman.”

Mr Fleming said they have been asked to increase their profit to 2021 to almost $69 billion because the leading bank in Fiji and the most profitable bank in Papua New Guinea and it was very important for the board members to meet in Fiji.

Business figures were in numbers at a BSP Cocktail event in Suva on July 22,2022. Photo: Laisa Lui

Business figures were in numbers at a BSP Cocktail event in Suva on July 22,2022. Photo: Laisa Lui

Expansion

A new sub-branch is expect- ed at Pacific Harbour close to Grace Road.

Mr Fleming said the sub- branch would be bigger to allow for more customers.

He said a refreshed approach would be to find a suitable location along that corridor for consideration of an additional sub-branch.

“What we’ve found in Fiji is that there has been an increase in our transactional activity and even though our mobile banking, our SMS banking and our internet banking has increased, it’s still an ongoing need and demand for branches.”

 

Liquidity

Mr Fleming said after their meeting with the Governor of the Reserve Bank consistent liquidity was very strong in the corporate sector.

He said there was a lot of competition in the corporate sector as the interest rates generally were very competitive.

“We find the margins in Fiji is lower than they are in PNG in the unsecured personal loan area,”Mr Fleming said.

“It’s really trying to explain how the interest is calculated, particularly trying to compare to some of the other alternatives with that type of finance, and recognize that in many cases, a lot of our personal loans are unsecured.”

“There’s no security in the event the customer doesn’t prepay and we did go through some issues.”

Customers at Bank of the South Pacific continue to grow as its branch presence is very broad and got a product offering which cuts across all the segments whether it’s a corporate high value.

 

Feedback: laisa.lui@fijisun.com.fj



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