BSP Senior Loan

completed

Established in 1957 as a branch of the National Bank of Australasia (NAB) and incorporated as Bank of South Pacific (BSP), a wholly owned subsidiary of NAB, in 1974. In 1993, National Investment Holdings Limited, a nationally-owned corporation, acquired NAB’s 87% shareholding, and the 13% that was at that stage held in public hands. In April 2002 BSP purchased the state-owned Papua New Guinea Banking Corporation Limited under the State''s privatization program. BSP was listed on the Port Moresby stock exchange in 2003.BSP is Papua New Guinea’s (PNG) largest retail and commercial bank with assets of USD6.7 billion (as of June 30, 2012), with a dominant market position in PNG with approximately 50% of loans and deposits. The proposed project is expected to: (i) provide US Dollar medium/long term funding to BSP, the largest and only indigenous bank in PNG, to catalyze private sector growth, and (ii) expand access to finance for PNG based businesses which are central to the development of PNG economy.