The proposed project consists of a senior straight loan to Bank South Pacific Limited (“BSP” or the “Bank”), IFC’s existing portfolio client and a regional commercial banking and finance group with operations across the Pacific region.
The proceeds of the loan would be used to on-lend to Devco Leasing Lao Co. Ltd (“Devco” or the “Company”) to support the lease financing of productive movable assets for small and medium enterprises (SMEs).
BSP is a major commercial banking and finance group operating across the Pacific region and offering various banking services from personal banking to SME and corporate banking. It was established in 1957 in Port Moresby as a branch of the National Bank of Australasia Limited.
In 1995 a consortium of Papua New Guinea (PNG) businesses acquired the Bank creating the first and only PNG private sector owned bank. Bank South Pacific purchased the State Owned - PNG Banking Corporation (PNGBC – formerly CBA PNG) in 2002 creating the largest bank in PNG.
Bank of South Pacific
Group Chief Executive Officer
Harbour City, Konedobu, Port Moresby, Papua New Guinea
ACCOUNTABILITY MECHANISM OF IFC
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