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For Immediate Release | Monday 04 May, 2015|
BSP Rated B+ By Standard & Poors
The Chairman of the BSP Group, Mr Kostas Constantinou OBE, announced today that Standard & Poor’s (S&P) has
maintained its ratings assessment of B+ for BSP.
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S&P, in its Report released on 28 April 2015, indicated that it affirmed its 'B+/Stable/B rating outlook on the BSP
Group. S&P commented that the ratings reflect BSP’s dominant market position in commercial and retail banking in
PNG and that S&P consider that BSP has a number of structural advantages over its competitors. The rating also reflects
BSP’s strong profitability which is expected to be maintained throughout the outlook horizon.
The stable rating of BSP follows a full analysis which covers a review of BSP’s business position, capital/earnings
capacity, risk position, funding and liquidity and outlook.
S&P noted that BSP has a "strong" business position that is difficult to replicate. This is supported by its dominant
position in PNG in terms of loans and deposits, strong revenue base, leading branch network in PNG, Fiji and the
Solomon Islands. It was stated that BSP is well positioned to diversify its activities and continue to expand its business
operations in the South Pacific, both in terms of its retail and commercial capabilities. BSP’s announcement to purchase
certain banking operations of Westpac in the Pacific will largely complement BSP’s existing business base, and be of a
quality that will not severely compromise the asset quality experience BSP’s lending book currently exhibits.
The report highlighted that BSP has a number of structural advantages that render the ability of competitors to replicate
difficult. Compared to other banks with similar industry ratings, BSP’s business operations are less vulnerable to adverse
operating conditions.
Mr Constantinou said that BSP Group is again encouraged by this positive assessment of the Group's credit rating. BSP is
committed to maintaining its enhanced credit profile, and its strong business position in PNG and across the Pacific
region.
Kostas Constantinou, OBE
Chairman | Bank of South Pacific Ltd
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About BSP
Our Commitment to PNG is growing. The BSP Group employs 4000+ people across PNG and the South Pacific and services more
locations and provides more ways of convenient banking in PNG than any other bank.
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42 Branches
13 Premium Service Centres
42 Sub Branches
226 Agents
301 ATMs
13,000+ EFTPoS
With millions invested in new facilities and technology to make banking easier, new improved services on the way and a growing
network of conveniently located banking agencies, Express and Priority Banking and Premium Lounges, our commitment to PNG is
stronger than ever.
And so is our interest in the future with our continued and growing investment in a diverse range of community projects and health
and well-being programmes to designed to help others grow.
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33 The number of community projects delivered in PNG in 2013
165 The number of individual community projects in PNG from 2009 – 2013
K3.6mil Amount BSP has invested in communities in PNG from 2009 – 2013
FOR MORE INFORMATION - CONTACT
David Kil | Investor Relations| Telephone: 305 7617 | Email: [email protected]
Barney Pondros | PR & Communication Manager | Telephone: 305 7877 | Email: [email protected]
Julie Fraser | Head of Marketing & PR | Telephone: 305 7141 | Email: [email protected]
Website: www.bsp.com.pg
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