Latest News

PNG based Bank South Pacific moves to Cambodia

Staff Reporter 5/28/2017 | | |
In a historic move, Papua New Guinea based Bank South Pacific (BSP) has established a presence in Cambodia – to provide asset finance.

The decision on Cambodia was made in May 2, with the bank entering into a joint venture buying 50 percent of an asset finance business there, currently called RMA Finance.

The business is now in the process of being rebranded to BSP Finance Cambodia Propriety Limited.

This was announced by BSP chairman Sir Kostas Constantinou last Friday at a news conference in Port Moresby soon after the bank’s annual general meeting with its shareholders. Apart from Cambodia, the bank is also eyeing Laos, Myanmar and Vietnam.

Sir Kostas said the move to Asia is part of the bank’s strategy as it looks to further grow its business.

This follows the successful completion of its Pacific acquisition, which had seen it acquire all of Westpac Bank’s assets in Solomon Islands, Vanuatu, Tonga, the Cook Islands and Samoa. This exercise had cost BSP A$125 million (K306.3 million).

“We are the biggest bank in PNG and the Pacific, but we wanted to make a mark in Asia. We can only do that because we are making extremely good profits,” Sir Kostas said.

He had also attributed the growth to its management team and staff.

Sir Kostas said having completed its expansion in the Pacific, the question had been raised as to “where to go to next?”

One of the strategies the board and consultants had looked at was establishing Asset Finance in the Asian region.

“We had a look at all the countries, and the first country that we homed in on was Cambodia, and what we are doing is a joint venture,” he said.

Sir Kostas said the business in Cambodia is already up and running, adding that he and the chief executive officer, Robin Fleming, would be heading there in two weeks’ time to officially launch the product.

He said that feasibility studies have started on Laos, Myanamar and Vietnam, which BSP hope to enter in the next 18 months to two years.

“These things don’t happen overnight. There is a time-frame, but we must make sure that we get all the ticks in the boxes first. We must ensure all the regulatory requirements are satisfied and then we proceed,” he said.

“There are opportunities in these countries. That is why we (BSP) are going there, if there weren’t any opportunities we would not have,” the chairman said.

Mr Fleming said the bank is hopeful that by the end of July, the BSP colours will be proudly displayed in Cambodia, adding that he and Sir Kostas would be there when this happens.

Source: Post Courier

One Papua New Guinea Designed by Templateism.com Copyright © 2016

Theme images by Bim. Powered by Blogger.
Published By Gooyaabi Templates