THE NEW arm of Bank of the South Pacific (BSP), BSP Finance (BSPF), will offer Papua New Guineans an altenrative for their asset finance needs, chief executive Robin Fleming says.

While the new operation will not offer a full banking package on its own, it would complement BSP’s existing offerings with an expanded product range, incorporating term deposits, finance leases and commercial loans.

“BSPF will be in a position to engage the assistance of the Bank’s existing asset finance team to assist with restructuring, refinancing and offer new and innovative ways to improve its customer’s asset finance business for more complex transactions,” said Mr Fleming.

The new group will offer competitive interest rates, fast approvals and fast turn-around times, which BSP says is essential in the asset finance market and critical to client’s needs expertise in agriculture, especially coffee, retail, medical services, engineering, aid donor and government services.

BSPF may also expand into other countries across the Pacific, the company said.