BSP Financial Group, the Pacific’s largest bank, finally listed on the Australian Securities Exchange yesterday. The move creates a new market for its existing shares and positions the bank to tap into new sources of capital in the future.

BSP’s CEO Robin Fleming and Chairman Sir Kostas Constantinou at a virtual bell-ringing ceremony yesterday to commemorate BSP’s listing on the ASX in Port Moresby. Credit: BSP

BSP Financial Group Limited (BSP) is now a dual-listed company, after its successfully listing on the Australian Securities Exchange yesterday.

The ASX listing is a compliance listing, meaning it is primarily an administrative move and is not linked to a capital raising or new public offering of shares by the bank. BSP will retain its listing on Papua New Guinea’s stock exchange, PNGX.

‘As a result of the dual listing, BSP will have access to alternative source capital to fund our future growth ambitions.’

The listing completes a move first considered back in 2017 and finally approved by shareholders this year. Its ASX stock code is BFL.

‘The listing on ASX is a very exciting development for BSP and BSP’s existing shareholders, and we look forward welcoming new shareholders to BSP and new investors to Papua New Guinea,’ said BSP’s Chairman, Sir Kostas Constantinou, said.

‘As a result of the dual listing, BSP will have access to alternative source capital to fund our future growth ambitions, deliver improved services to our customers and enhance existing shareholder liquidity.’

Speaking to the Australia Papua New Guinea Business Forum yesterday, Australia–PNG Business Council President Mark Baker, himself CEO of ANZ’s PNG business, welcomed the listing as a positive development, observing it meant that all of PNG’s banks were now listed on the ASX.

Initial interest on the ASX has been modest, with 119,414 BSP shares being ordered by 31 bidders in the first 24 hours of listing, according to Commsec.