BSP concerned over attack

THE Bank South Pacific Financial Group Ltd (BSP) management has expressed concern with the recent breaking and entering of its Banz branch in Jiwaka.
BSP management confirmed in a statement yesterday that in the early hours of Tuesday, its Banz branch was broken into by criminals.
While inside the branch, the criminals damaged one of the Bank’s ATM machine rendering it unusable affecting the public for an indefinite period.
The criminals were unable to take money or items of value after the incident triggered the branch’s alarm system, alerting security and police to the site, according to the bank.
Chief executive officer Robin Fleming said this was not the first time criminals had targeted BSP Banz and other sub branches in the country.
“The recent incident prior to this was another break-and-enter at our Kerowagi rural sub branch in neighbouring Chimbu last month,” he said.
Fleming said it was “extremely disappointing” that branches that provided essential banking services in the North Waghi, South Waghi and Jimi in Jiwaka, the neighbouring districts Dei in Western Highlands and Kerowaghi in Chimbu had been broken into and equipment damaged.
“BSP is the only bank that has representation in Banz and Minj in Jiwaka and BSP is also the only Bank that is represented in Kerowagi and Kundiawa in Chimbu.
“Despite no other bank being willing to offer services in these provinces, as well as many other provinces in PNG, BSP branches and ATM’s are increasingly frequent targets of criminal activities which not only cost money for BSP to repair the damage caused but also puts the provision of banking services at risk for customers who rely on BSP in their local communities.
“BSP has also made significant investments in Jiwaka with its Banz branch, Minj Rural sub branch, several active cash agents, EFTPoS merchants, and a growing loan book indicating increased business activity in the province.
“BSP also added an additional ATM in Banz recently to further support its customers, following calls from local community for additional ATMs.
“BSP has experienced ongoing issues of criminal activities in the past, which disrupted its services.
“The bank will only continue to operate in an environment where the community guarantees safety of bank assets and staff.
“Banz is one of the 21 locations in PNG where BSP is the only bank operating and withdrawal of services would have a detrimental impact on the community.”
Fleming said that BSP received frequent requests for new branches and sub-branches and had already committed to a new branch at Eriku (Lae), a larger sub-branch at Namatanai (New Ireland) and had been actively looking for a new site for a branch in Mt Hagen.
“While these larger projects will continue, criminal activity in the smaller centres may well mean that BSP is not able to maintain all its sub-branches or open new sub-branches,” he said.
“Notwithstanding the cost associated with (running) 40 branches and 38 sub branches, BSP has recently announced further fee reductions to its Kundu Standard account to lower the fee burden for its customers.”
Police are investigating the incident and the branch has resumed operations to continue providing essential banking services to the local communities.