BSP head office to move to Waigani

Business, Normal

The National,Friday April 1st, 2016

 By Gedion Timothy Lapan  

BANK South Pacific staff at its head office in Downtown, Port Moresby will move to the new head office in Waigani once it is completed in the second half of this year.

BSP Group chief executive officer Robin Fleming said a significant property development project worth more than K300 million had created a commercial property in its head office in downtown which BSP decided to sell because it was not a commercial landlord.

“In 2010, BSP initiated a significant property development programme with capital expenditure associated with these projects of about K300 million,” Fleming said.

He said it involved the construction of a new commercial Centre in Lae, a new Security and Data Centre at Gordon and a new head office at Waigani.

“The Lae Commercial Centre was completed in late 2014, the Security and Data Centre at Gordon was completed in the second half of 2015 and our Waigani head office will be completed this year,” Fleming said.

He said the Waigani head office would  accommodate almost 900 staff in the retail, HR, IT, operations and finance businesses. 

 He said BSP was in the business of banking and not a commercial property landlord and therefore decided to sell its head office property.