PAPUA New Guinea-headquartered BSP Financial Ltd has announced the conversion of its Fiji branch operations to a wholly- owned subsidiary, BSP Financial Group (Fiji) Pte Limited.
The change, which came into effect on Wednesday, January 1, 2025, will not affect the bank’s Fiji customers, according to a statement from the company.
“In line with recent global corporate financial structure trends and to gain operational efficiencies, BSP Group had resolved to convert to a subsidiary structure in Fiji,” BSP Group board chairman Robert Bradshaw said.
“The vesting of BSP Bank’s Fiji business in a Fiji company affirms the BSP Group’s commitment to Fiji.
“BSP Bank remains steadfast in its mission to advance financial inclusion and to offer exemplary customer service throughout Fiji,” Mr Bradshaw said.
The re-organisation was facilitated through the BSP Fiji Act 2024, which was enacted by Parliament on December 5, 2024 after what the bank said was an extensive stakeholder consultation.
Group chief executive officer Mark Robinson said this was the most preferred option to ensure minimum disruption for depositors, customers, employees and other stakeholders.
“The effects of the legislation are that from the vesting date of January 1, 2025, all BSP Bank’s interests in Fiji will vest in BSP Financial Group (Fiji) Pte Limited,” Mr Robinson said.
“This change does not require BSP Bank customers in Fiji to take any additional steps to continue their existing relationships with BSP Bank. It simply changes the legal entity with whom they will deal with from January 1, 2025,” he said.
BSP already operates in Samoa, Tonga and Vanuatu as subsidiaries of the parent, BSP Financial Group Limited.
Mr Robinson acknowledged the Fiji Government and the Reserve Bank of Fiji for supporting and facilitating through an Act of Parliament the transition in Fiji from branch operations to a new wholly-owned subsidiary.
BSP Financial Group Limited (BSP), formerly Bank of South Pacific Limited, is one of the biggest retail and corporate banking provider in the South Pacific.
It is a dual-listed public company on the Port Moresby Exchange and the Australian Securities Exchange and has over 4500 staff manning operations in Cook Islands, Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga and Vanuatu.
NOTE: This article was first published in the print edition of the Fiji Times dated January 03, 2025.
