January 19, 2018

Bank South Pacific sets footprints in South East Asia

Bank South Pacific has finally renamed its Cambodia expansion to BSP finance yesterday in Phnom Penh.
This came after the bank made its entry into the South-East Asian market in May 2017.

BSP Group CEO, Robin Fleming said BSP concluded equity participation in RMA Financial Services Plc with its joint venture partners RMA Group in May 2017 and that the business was to be renamed BSP Finance (Cambodia) Plc.
“The objective for BSP and our partner is to grow and develop our business in Cambodia, with profitability and market share targets key metrics that we will focus on,” he said.
BSP Finance (Cambodia) Plc will provide the following financial services, Hire to Purchase, Lease to Own and Operating Lease.
“We hope that our experience in Cambodia will hold us in good stead as we look to venture further into the Mekong Region where there is potential for us to increase our regional footprint, offering not just asset finance but potentially other financial services,” he said.
The BSP board is confident that customers will find BSP Finance a helpful and professional business partner in Cambodia.

The BSP Group, board chairman, Sir Kostas Constantinou thanked the National Bank of Cambodia (NBC) and the Bank of Papua New Guinea (BPNG) for sharing their vision of opening an asset finance company in Cambodia, and acknowledged the invaluable efforts of BSP Finance Ltd, partner RMA Group, and their chairman Kevin Whitcraft who contributed many years of entrepreneurship, country experience and played a pivotal role in developing the joint venture.
“BSP is a well-respected, profitable and well capitalised financial institution in Papua New Guinea and the Pacific. Our 2016 net profit after tax was USD 175m, our balance sheet USD3.6bn and our market capitalisation is USD1.23bn,” said Sir Kostas. He added that the board and management looked forward to a profitable 2018, and the establishment of BSP Finance (Cambodia) Plc will enable BSP to extend its financial services into broader sectors of the local economy in Cambodia and the Asia-Pacific.

BSP Finance Ltd now operates in Fiji, Papua New Guinea, Solomon Islands and Cambodia