About Us / History

History

2021	BSP listed on the Australian Securities Exchange (ASX) and name changed from Bank of South Pacific Limited to BSP Financial Group Limited. BSP’s slogan was also changed from “We are you, We are BSP” to “Our Bank, Our People”.
2020	Established Lao Asset Finance Business in 2020.
2018	Commenced a life insurance business in Papua New Guinea on January 2018.
2017	Commenced Asset Finance operations in Cambodia in May 2017 (rebranded to BSP Finance Cambodia Ltd in January 2018) and commenced BSP Finance (Solomon Islands) Ltd in September 2017.
2016	In 2016, BSP recorded a profit of K643.5m which was an increase of 21% on our results for 2015. BSP successfully completed the acquisition of its current phase of expansion across the South Pacific. Integration of Cook Islands, Samoa, Tonga, and Vanuatu into BSP systems, processes and culture was fully completed. The final quarter of 2016 saw the successful conversion and migration of Solomon Islands business to one core banking system.
2015	In 2015, Despite economic conditions BSP recorded a profit of K531.9 million, representing a 4.8% increase on 2014, for its shareholders. The expansion of BSP across the pacific also entered a new phase with acquisition of the former Westpac businesses in Cook Islands, Samoa, Solomon Islands, and Tonga. During 2015 PNG celebrated its 40th anniversary of independence and country successfully hosed the Pacific Games of which BSP was the Official Sponsor.
2014	In 2014, BSP Group achieved loan growth of 28%, and a 4% reduction in operating costs, supporting growth in annual profit to over K507 million. There were no increases in fees during the year, but fee income grew as the volume of customer transactions continued to increase, particularly through the electronic banking channels, which now represent more than 80% of total customer transactions.
2013	In 2013, sound results were achieved, despite a slowdown in the Papua New Guinea economy. Profits in 2013 increased by 7.1% from 2012 results. The net profit after tax was K436.8 million. Total assets increased by approximately K2.476 billion to K15.809 Billion. In 2013, there was continued growth of electronic banking facilities mainly through our EFTPoS devices at Agents and Merchants, including increase in mobile banking transactions, which are compelling features of BSP's customer engagement activities. Also in 2013, BSP moved from transformation to implementation, balanced by a sharper focus on strategically critical areas and cost control measures.
2012	Profits increased over 14 percent to K407.7 million, and assets also grew 14 percent to K13.3 billion. More than 10,000 BSP EFTPoS machines were operating across all markets. Over 70 million transactions were processed through all electronic and mobile phone channels; BSP's account opening process employing a tablet computer and instant card issuance, won the award for the world's Best Bank Led Mobile Money Program at the 2012 Connected World Global Awards. Appointed as official sponsor of 2015 Pacific Games.
2011	Strong performance for the year with a profit of K355.9 million being a 26% increase on 2010's results. Achieved balance sheet and profitability milestones in exceeding K11 billion in assets and K1 billion in revenue. New branches opened in Vision City, Port Moresby and flagship BSP First at Ravalien Haus, Port Moresby. Share buyback K40 million approved.
2010	Solid results achieved as the global economy starts a slow recovery from the Global Financial Crisis, positively impacting PNG's resource-based economy. BSP's group profit increases 10% to K283.1 million, and assets reach K10.0 billion; IFC makes significant equity investment for 10% shareholding in BSP.
2009	BSP posted sound results as the global economic downturn continued, increasing after tax results by 13%; BSP acquired the National Bank of Fiji and Colonial Fiji Life Insurance Limited from Commonwealth Bank of Australia, contributing K1.2 billion to assets growth of K2.6 billion.
2008	Performance was strong for the year despite the broader effects of downturn in the global economy beginning to impact the PNG economy in the last half of the year. After tax profit continued to grow, with an increase of 19% over the prior year, despite the BSP Capital CDO provisioning of K50 million. Strong balance sheet growth continued despite these effects with total assets increasing by 17% to K6.8 billion and capitalisation increasing by 33% to K4.3 billion.
2007	The acquisition of the National Bank of Solomon Islands Ltd was completed during April 2007. Now rebadged as a branch of BSP, it has the largest branch network in the Solomon Islands. Outstanding performance continued during 2007. Total assets increased to K5.80 billion, after tax profit increased by 71% to K191.07 million and market capitalisation to K3.28 billion. Expense to income ratio reduced to 39.40%.
2006	Strong balance sheet growth with total assets reaching K4.33 billion and a 12.50% increase in after tax profit to K111.62 million continued the strong growth and financial performance during 2006. On 18 December 2006, a BSP branch was established in Suva, Fiji following the acquisition of the Habib Bank Ltd interests in Fiji.
2005	In November 2005, Standard & Poors (S&P) issued an inaugural credit rating for BSP. The rating was B+ Stable, consistent with the S&P sovereign rating for Papua New Guinea. 2005 saw continued strong financial performance and balance sheet growth. Profit after tax increased to K99.22 million. Total assets increased to K2.95 billion and shareholders' equity grew to K308.30 million. Market capitalisation reached K1.40 billion. During this year, Capital Stockbrokers Limited was acquired and renamed BSP Capital Limited.
2004	In 2004, the company returned a profit after tax of K86.65 million up from the K39.98 million result in 2003. As at 31 December 2004, shareholders' equity reached K255.63 million. During 2004, the bank acquired the Niue Branch operations of Westpac Banking Corporation.
2003	The company's shares were listed on the Port Moresby Stock Exchange on 27 August 2003.
2002	Following an appraisal of all bids lodged in relation to the acquisition of PNGBC, the commission agreed to accept the company's bid. The company, the commission and the PNGBC executed the amalgamation deed in December 2001 which provided for the implementation of the amalgamation. The amalgamation was completed on 9 April 2002.
2001	In 2001 the Privatisation Commission, on behalf of the Government of Papua New Guinea, offered for sale up to a 51% interest in the Papua New Guinea Banking Corporation (PNGBC) through a competitive trade sale process. The company participated in this process by lodging a bid whereby it proposed to effect the acquisition of PNGBC by way of an amalgamation under the Companies Act rather than through a sale and purchase.
1998	In October 1998 BSP raised K12.9 million through a Rights Issue of shares at K3.00.
1995	In December 1995, BSP completed a successful capital raising of K2.7 million by way of a Convertible Note Issue. The holding company took up an additional 2,700,000 fully paid shares of K1 in Bank of South Pacific Limited, increasing the issued capital to K5,000,000. At that time Motor Vehicles Insurance (PNG) Trust (now incorporated as "Motor Vehicles Insurance Limited") acquired 2,130,000 shares or a 22.42% shareholding in BSP to become the second largest shareholder behind Credit Corporation (PNG) Ltd with 24.89%.
1993	On 24 August 1993, the nationally owned company, National Investment Holdings Limited (NIHL) acquired the 87% shareholding held by National Australia Bank. On 25 October 1993, 100% ownership of the Bank was achieved by NIHL, which later changed its name to BSP.
1980	In April 1980 and August 1981, a total of 300,000 ordinary fully paid shares of K1 were issued to the public in Papua New Guinea, thus increasing the paid-up capital to 2,300,000 fully paid K1 shares.
1974	Operations were later expanded to the major centres and on 1 October 1974 it was incorporated as Bank of South Pacific Limited, a wholly owned subsidiary of the Australian parent, with a paid-up capital of K2 million.
1957	The Bank commenced operations in Port Moresby on 1 May 1957, as a branch of the National Bank of Australasia Limited.