BANK South Pacific has discussed with Solomon Islands National Provident Fund (SINPF) how it can support SINPF in providing choices for employers and members in various payment channels.
This discussion was held during Bank South Pacific (BSP) Financial Group chief executive officer Mark Robinson’s courtesy call on Solomon Islands National Provident Fund (SINPF) chief executive officer and general manager Mike Wate.
A SINPF statement said these options would leverage BSP’s technology to make efficient payments to and from the bank.
The statement added that discussions also included an update on the Fund’s activities and the range of business opportunities in the country.
Mr Robinson’s courtesy call to Mr Wate is his first official engagement overseas since he commenced duties as CEO in March 2023. Solomon Islands was the first regional branch that Mr Robinson visited.
Mr Wate also took the opportunity to congratulate and thank the BSP Financial Group Board and management for its financial strength.
He said in the past 15 years BSP has been delivering a consistent annual dividend yield of 6 per cent per annum for SINPF members in addition to the growth in value of the company’s shares.
The SINPF Board purchased 2,944,555 shares in BSP on 27th April 2007 worth just over SBD$34million.
“As of June 30th, 2023, our 2,500,001 shares – after selling down 444,554 shares due to our strategic asset allocation to PNG – are now valued at more than SBD$77million,” Mr Wate said.
The SINPF Board purchased shares in BSP in 2017 for SBD$11.84 per share and today it is now worth SBD$31.14 per share. This represents a growth of more than 163 per cent.
Mr Wate informed Mr Robinson that the Board and management of SINPF are really pleased in “our investments in BSP”.
The BSP Financial Group Limited shares is dual listed and traded on the Port Moresby Stock Market Exchange (PGNX) and the Australian Securities Exchange (ASX).
Mr Robinson said he is optimistic that BSP will continue to deliver under his new leadership combined with is team in BSP Headquarters in Port Moresby and spread across the Pacific region.
He also reiterated BSP’s commitment to grow bigger and stronger in the Solomon Islands and other Pacific Islands countries.
Mr Robinson has a wealth of experience as a senior financial services and global banking executive. He is a chief executive officer with more than 30 years of experience across developed and emerging markets.
Mr Robinson’s previous roles include chief executive officer of Commercial Bank International, a publicly listed bank based in the United Arab Emirates; chief executive officer of ANZ Banking Group’s operations for Southeast Asia, and prior to that, numerous senior executive roles with Citibank, including in India, Russia, Turkey and Hungary.
Mr Robinson was accompanied to the meeting with Mr Wate by his country manager Sandra Fore.
