Fleming: UK’s Brexit will not affect bank

THE Bank South Pacific (BSP) will not be affected by the exit of the United Kingdom from the European Union, according to chief executive Robin Fleming.
“BSP directly certainly would not have any repercussions or influence from global market perspective,” he said.
“It has been somewhat uncertain in the world at the moment for countries that are associated with the coronavirus and Brexit has been here for some period of time and they have finally made a decision now,” he said.
“So the (global) market has been certainly affected with the exit from Brexit.
“There will be some trade deals and trade negotiations with various countries with Britain directly as the same from the EU.
“But it shouldn’t have any major direct impact on BSP or PNG.”
Fleming said the “bigger impact globally is potentially going to be the coronavirus and how that influences economic growth in certain sectors that are more dependent on Chinese movement, Chinese travel and Chinese investment”.
The United Kingdom ceased being a member of the European Union after 11pm on Friday.
The EU is an economic and political union involving 28 European countries. It allows free trade, which means goods can move between member countries without any checks or extra charges.
The EU also allows free movement of people, to live and work in whichever country they choose.