THE COMPANY: Incorporated in 1974, Bank South Pacific (BSP) has grown to become the largest bank in the South Pacific. BSP is also Papua New Guinea’s largest bank, despite the presence of international competitors. BSP was listed on the Port Moresby Stock Exchange in 2003, and the company has subsequently...
In late 2011 the Bank of Papua New Guinea (BPNG), the country’s central bank, launched its 2012-15 Strategic Plan, which will serve as a blueprint for the financial services sector. The plan is made up of a number of major development initiatives, in addition to more general goals and strategic objectives. Broadly, it represents a mandate for BPNG...
Boosting financial inclusion and literacy is a key challenge facing the domestic financial services industry in Papua New Guinea. Based on recent estimates from the Asian Development Bank (ADB), only around 15% of the population has a bank account. The remaining 85% remains cut off from the formal financial system. Similarly, PNG’s informal sector...
Over the past decade, Papua New Guinea has witnessed substantial evolution of the Port Moresby Stock Exchange (POMSoX), which opened its doors in 1999 and has been posting gains in recent years. According to the stock exchange’s official statistics, market capitalisation more than doubled in 2010, reaching PGK109.5bn ($52.1bn), up from PGK50.1bn ($...
A brighter outlook is expected for the Philippine insurance industry, with the country’s economic fundamentals remaining sound, and the government and private sector pushing ahead with public education campaigns about the benefits of financial security. Financial literacy has historically been weak among the broader population but consumer awareness...
There has been a flurry of talk recently over mergers and acquisitions as insurance companies are scrambling to raise resources in order to meet new, stringent capital requirements that have been put in place to shore up an otherwise fragmented market. “Five insurers have already signalled interest to merge,” the insurance commissioner, Emmanuel F...
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