BSP launches new subsidiary
October 8, 2014 12:26 am
The Bank of the South Pacific Fiji has launched its new $4 million subsidiary, the BSP Finance (Fiji) Ltd, in Suva today.
BSP Chief executive Robin Fleming says the new venture allows their customers take loan packages, who do not meet the traditional guidelines for commercial banks.
“Asset finance was a particular area that BSP as bank wasn’t necessarily good at, and often we get complaints, it takes a long time for a lease application to get processed, that’s because banks as institutions are not necessarily very speedy those types of loan applications and we saw that the potential for was to establish a specific asset finance company BSP Finance, which would clear market objectives of speed to market and being able to meet the customer’s requirements.”
The new venture is being headed by BSP Life General Manager Krishna Raju, who says they are focused on tapping into the small and medium enterprises market.
“The reserve bank and the government also has emphasised that we should look after the SME’s and try and grow that segment of the society also the banks had difficulty in doing that, the BSP bank had tried, but the criteria is such that, they cannot really cannot try and get into that segment, we will get into that segment, so that industry will grow.”
The finance company has begun operations with eleven staff.
There are plans to expand in the near future, with another branch expected to be opened in Nadi soon.