BSP targets regional growth with rebranding

The Bank South Pacific Financial Group Limited is one of the examples of the success stories for Papua New Guinea.

With presence in seven markets-Solomon Islands, Vanuatu, Fiji, Cook Islands, Samoa and Tonga including PNG, the bank is now ready to explore other markets.

The Head of Retail Branch Operations, Peter Komon, said the rebranding exercise is the beginning of expansion aimed at promoting inclusivity to all its customers throughout the Pacific.

Mr Komon said rebranding has made people share both positive and negative comments, and it's understandable because BSP has been part of them over the years.

He said it's time now that BSP looks into international markets with its headquarters remaining in PNG.

“Over the years BSP was like a bird kept inside a box, and it was confined to that box, so now we want to remove the barriers of the box and grow and go into the forest, and for us to go into the forest, we have to look beyond.

"The journey that we have come as a bank and the success story I should say is one of the success stories of the country on the eve of the 50th Anniversary. That’s a success story, and we can all feel proud of that.

"Now we must share with others what we have successfully built over the years. Let’s share our prosperity and empower other Pacific Islanders, and I think it's a good story for us. The negative and positive comments from the people on the rebranding are completely understandable because BSP has been part of us and our identity, "Komon said.

Komon also clarified that speculations about Fiji taking over BSP are not true.

"We have the Fiji Provident Fund, which is now in second place on the top ten shareholders list, but when you look at it, nine out of ten shareholders are from Papua New Guinea.

"In order for growth and expansion we must welcome other Pacific Islands as well as other countries. We must also create products which will promote inclusiveness," Komon said.

Komon further added that BSP has a strong presence all over the country and a similar approach will be rolled out to other countries.

For him personally, he felt so proud as the second generation of banker, celebrating BSP success story.

"I'm a second-generation banker. My dad used to work with PNG Banking Corporation before. When I put on the uniform, I felt a sense of pride. I feel that BSP is mine.

Especially in PNG, the places where other banks don’t reach, not even the government services reach, BSP reaches those places. And now we want to do the same to other Pacific Island countries," Komon said.