BANK of South Pacific aims to increase its corporate banking market share from the current 10 per cent to 30 per cent over the next three to five years.
BSP Pacific made this known during a stakeholders briefing on the BSP Convertible Notes (BCN) at the Reserve Bank of Fiji yesterday adding that it needed more new customers.
"Despite positive results, BSP corporate banking can still improve its performance," the company said.
BSP will centre its attention on customer service quality this year, it said.
"We must service our existing customers better," the bank said while highlighting the need for more staff in its branches compared to its competitors.
But while its non-interest income was improving, it remained below that of its competitors, BSP said.
"Our branch service model for corporate banking clients is now more than competitive in terms of foreign banks. Some of our services, such as internet, are superior," the bank said.
The bank said its cost to income ratio was equal to or better than small Asian regional banks, and similar banks in Africa and the Caribbean, at 50 per cent to 60 per cent of the Australian regional banks.
"Expenditure over the last two years is to address improvement needs that have accumulated over time and could not be dealt with in prior years because of capital constraints," the bank said.
BSP has 36 rural branches in Fiji against 10 of the same in Papua New Guinea.