BSP (including Financial Group)

O’Neill defends loan to buy into Oil Search, economy vulnerable unless security boosted, Manus Detention Centre focus of Abbott/O’Neill talks. Your weekly digest of the latest business news.

Moves to reserve small businesses for locals, Court rescinds orders preventing Ok Tedi from dumping waste and BSP records 11% profit increase. Your digest of the week’s business news.

Credit Corporation shareholders decide not to sell up to BSP, while Papua New Guinea business visa fees rise sharply and Ok Tedi landowners threaten to close the mine in the latest dispute over the government’s takeover.

After negotiations which have lasted since January, Bank of South Pacific (BSP ) and Credit Corporation have entered into a ‘Share Sale and Purchase Agreement’, whereby BSP will acquire of Credit Corporation’s financial services businesses, if Credit Corporation’s shareholders approve.

Christine Iauve, a vegetable farmer from Magautou village, used to keep her hard-earned cash in a safe. Now she, and hundreds of others in rural and remote areas, are getting access to banking services, and setting ambitious goals.

Bank of South Pacific has announced the resignation of company director John Jeffery.

BSP announced the appointment of Haroon Ali as Chief Risk Officer for the BSP Group based in Papua New Guinea. Ali will take over from Robin Fleming, who becomes the BSP Group CEO from 1 June [link].

After five years as ‘boss bilong BSP’, Ian B Clyne completes his five-year appointment as the CEO of PNG’s largest bank at the end of this month. Business Advantage PNG caught up with him for one final chat.

Papua New Guinea’s business community has rallied round Buk bilong Pikinini (BbP), a charity dedicated to bringing literacy to children through libraries.

PNG violence, Vodafone in Madrid, PNG criticised for mining delays, the gold crash leads to a gold rush, and much more news from around the world