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This blog is brought to you by Gilbert & Samuels Company Limited, a financial advisory services and consulting company based in Suva, Fiji.
To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Tuesday, December 19, 2006

Bank South Pacific to provide cross country banking

Bank South Pacific (BSP), a Papua New Guinea-based bank that opened a branch in Suva yesterday, said that its presence would assist in the development of bilateral trade between Fiji and PNG.

The bank will also provide cross-country banking facilities for PNG companies established in Fiji and to those that might expand to Fiji in future.

BSP said that it would expand and open a branch in Nadi during the first 12 months of operations and will also be upgrading its core banking system to provide up-to-date transaction and savings products and a full range of electronic banking services including ATMs, EFTPOS and internet banking.

The bank said that it would add a further dimension to the financial system in Fiji and provide an alternative to the established banks, ANZ and Westpac.

As at 30 June 2006, BSP had total assets of F$2 billion, deposits of F$1.8 billion and a loan portfolio of F$40 million. It recorded after tax profits of F$29 million for the first six months of this year which compares favourably to the full year profit of F$55 million made last year.

BSP acquired the operations of Habib Bank Limited of Pakistan.

Note from GV : For those that need investment or business advice, contact our company, Gilbert & Samuels Company Limited, on e-mail gilbert@connect.com.fj or telephone +679 3396427 for assistance. Our principal, Gilbert Veisamasama Jr, is an investment advisor licensed by the Capital Markets Development Authority - Fiji's capital markets regulator.

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