Banking The Under-Banked: BSP Talks About Aust/NZ Markets
A leading commercial Pacific owned bank says it is working to consolidate its presences in under-banked countries, before it reconsiders its position about the Australian and New Zealand markets.
Tuesday 10 May 2022 | 03:00
From left: Nadi businesswoman, Nita Pillay, with Nadi’s Spa Academy Fiji director principal Debra Sadranu, and BSP Life general manager distribution and marketing, Curtis Mar, during a BSP cocktail in Nadi last week.
A leading commercial Pacific owned bank says it is working to consolidate its presences in under-banked countries, before it reconsiders its position about the Australian and New Zealand markets.
Shareholders Expectations
BSP group’s outgoing Chief Executive Officer, Robin Fleming, said Australia and New Zealand were well banked markets.
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“BSP had an idea to grow the business in countries that were underbanked - like in Laos and Cambodia,” he said.
BSP group does not intend to make mistakes by over-capitalising in Australia, where the returns would not be the same as the shareholders expect, Mr Fleming said.
“Australia, New Zealand - we consider this a lot at the board level,” he said.
“First and foremost, we want to make sure that we are significantly consolidated in every country.”
Investment-Worthy
He said the BSP group paid due considerations in economies that showed potential for growth, were under-banked, had very young demographics, and were business-capable.
“We are in countries where there’s more opportunity than Australia and New Zealand,” Mr Fleming said.
After 42 years of working in the banking sector, and nine years at BSP group Chief Executive Officer, Mr Fleming will be calling it a day this year.
He was recently in the country to celebrate the $69 million profit announcement for BSP’s Fiji operations.
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