The International Finance Corporation has finalized the acquisition of a 10% shareholding in Bank of South Pacific.
BSP's parent company based in Port Moresby, PNG in a media release confirmed that IFC has acquired 5% new equity directly from BSP and 5% existing equity.
At the ceremony to formally issue the 5% new shares to IFC, BSP=s CEO Ian Clyne officially welcomed IFC as a shareholder in BSP saying this is a very positive and significant investment by IFC in BSP.
Both BSP and IFC are committed to improving banking services throughout PNG and the Pacific, including the introduction of SME lending initiatives and rural banking services.
Story by: Ronal Deo
