Bank South Pacific, the largest financial institution in the South Pacific and the leading financial service provider in Papua New Guinea has announced the sale of its Broker-Dealer business of its subsidiary BSP Capital Limited to JMP Securities Limited.
BSP Capital has commenced to transition the broking business to the new owners’ premises. We expect the transition to be completed by end of April 2020.
The decision to sell the stockbroking business is in line with a change in BSP Capital Limited’s strategic direction and the company’s decision to focus on expanding its Funds Management and Capital Advisory businesses.
This transaction will have no impact on competition, as there will remain two [2] stockbroking firms in PNG post transaction. Further, the transaction dilutes BSP’s influence on PNG’s financial services sector and mitigates any conflict of interest, as BSP is listed.
JMP Securities is a PNG registered company. Its principals are Lars Mortensen and Nathan Chang who are both committed to the development of PNG’s capital markets.
Mr Mortensen and Mr Chang together have over 40 years of experience in capital markets, corporate advisory and investment banking in the Asia Pacific Region. In addition, the transition program includes the secondment of Salaniet Mathew to JMP Securities to assist with the transition.
This notice also serves to inform the group that BSP Capital will no longer be processing stockbroking orders effective of 1 April 2020. However, there will be no changes to the procedure in processing share trading applications.
Alternate emails have been established by JMP Securities to ensure there is business continuity. All share trading application and queries processed will remain as current practice. All applications can be submitted from the branches can be emailed directly to JMP Securities on the following emails;
- nathan.chang@jmpmarkets.com
- lars.mortensen@jmpmarkets.com
- salaniet.mathew@jmpmarkets.com
- enquiries@jmpmarkets.com
A new settlement account has been established to take deposits for new application.
The account details are as follows;
JMP Securities Limited
Settlements Account
7019 145 890
Gordon Commercial Centre
We are confident that JMP Securities will provide an equal, if not superior level of service to its stockbroking clients given:
- its investment in a new improved stockbroking system; and
- the continued employment of two BSP Capital Limited employees from our stockbroking arm to ensure service continuity and a seamless client transition.
For further queries please do not hesitate to contact Mr Lars Mortensen on 7200 2233 or Mr Nathan Chang on 7167 3223.
Regards,
BSP Capital Limited