In 1995 a consortium of Papua New Guinea businesses acquired the bank creating the first and only PNG private sector owned bank.
Bank South Pacific purchased the State Owned - Papua New Guinea Banking Corporation (PNGBC - formerly CBA PNG) in 2001 creating the largest Bank in PNG. Other acquisitions followed: Habib Bank in Fiji in 2006, National Bank of Solomon Islands 2007, Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2010.
Bank South Pacific rebranded to become "BSP" in 2008. Our shareholders include major PNG Institutions - IPBC, Nasfund, Nambawan Super, Petroleum Resources Kutubu, Credit Corporation, MVIL, PNG Teachers Savings & Loan, Comrade Trustees, and the International Finance Corporate (IFC).
In 2012, 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.
Bank South Pacific continues to be a dominant force in the market leading the way with innovation and technology.
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
- Launch of the new subsidiary company BSP Finance in PNG and Fiji in 2014.
- Acquisition of the Westpac branches in Samoa, Tonga and the Cook Islands in 2015.
- The Official Sponsor of the 2015 Pacific Games held in Port Moresby.
- Awarded the "Best Bank Led Mobile Money Programme" in the World. World Connected Forum Awards, Dubai, November 2012. Sponsored by MasterCard Worldwide.
- 2012 Net Profit after tax increased over 14% to K407.7m and assets also grow 14% to K13.3b - a values equivalent to approximately 1/3 of PNG's GDP estimate.
- 1 Million active Retail Accounts in PNG, 200,000 in Fiji and 80,000 in Solomon Islands.
- Over 70 million transactions processed through all electronic and mobile phone channels in 2012.
BSP has been internationally recognised for its underlying liquidity and capital strength, including "The Banker" 2012 Top 1000 Banks, ranked:
#1 Top 5 Returns on Capital (ROC) in the Asia Pacific (xcluding Japan & China).
#1 Top 5 Returns on Assets (ROA) in the Asia Pacific (xcluding Japan & China)
#14 Top 25 Return on Capital (%).
#7 Highest Mover Asia Pacific region
#4 Profit on Average Capital
#3 Top 5 Returns on Capital in the Asia Pacific