BANK South Pacific (BSP) Ltd will apply to the Investment Promotion Authority (IPA) to change its company name to Bank South Pacific Financial Group Ltd, says chief executive officer Robin Fleming.
Fleming said this was to meet a requirement to allow it to be listed on the Australian securities exchange (ASX).
He said companies could not be registered in Australia with the word “bank” as part of its company name unless they were regulated by the Australian prudential regulatory authority (Apra).
Fleming said the reason for the planned ASX listing was to gain access to new sources of capital on the main exchange in Australia.
“Chairman Sir Kostas Constantinou informed shareholders earlier this year that BSP intended to progress a compliance listing on the Australian stock exchange in 2021 subject to all regulatory approvals,” Fleming told The National.
“The shareholders approved the change of name to BSP Financial Group Ltd with applications for change of name to be lodged with the IPA.
“Company’s cannot be registered in Australia with the word ‘Bank’ in their name unless they are regulated by the Australian prudential regulatory authority, and Apra typically only regulates banks that operate in Australia.”
Fleming said, as a result, the company name was changed to “BSP Financial Group Ltd” and BSP would ensure it satisfied all conditions required by Apra to inform investors that BSP did not operate in Australia.
“Part of this process includes changing the company name,”he said.
“BSP will now also progress the process of application to the ASX.
“BSP continues to trade under the business name ‘BSP’.”
Sir Kostas announced on Friday that if the bank’s submission to the ASX was approved, BSP’s shares would be traded on both the PNGX and ASX.
The National / PNG Tech Times
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