January 18th, 2018 Phnom Penh – Bank South Pacific Limited (BSP), the leading bank in the South Pacific, is proud to announce the launch of its newest subsidiary, BSP Finance (Cambodia) Plc in Phnom Penh.
BSP Group CEO, Robin Fleming, said that BSP concluded equity participation in RMA Financial Services Plc with its joint venture partner 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, focusing on profitability and market share targets key metrics, says Fleming.
BSP Finance (Cambodia) Plc will provide the following financial services: Hire to Purchase, Lease to Own and Operating Lease.
œWe 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”, Fleming added.
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, has extended his thanks to the National Bank of Cambodia (NBC) and the Bank of Papua New Guinea (BPNG) for sharing BSP’s vision of opening an asset finance company in Cambodia, and further acknowledged the invaluable efforts of BSP Finance Ltd, RMA Group, and its CEO Kevin Whitcraft who contributed many years of entrepreneurship, country experience and played a pivotal role in developing the joint venture.
œBSP is a well respected, profitable and well capitalized 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 capitalization is USD1.23bn, said Sir Kostas.
He added, œThe board and management look 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 region.
BSP Finance Ltd now operates in Fiji, Papua New Guinea, Solomon Islands and Cambodia.
BSP is a Papua New Guinea based company. Papua New Guinea is located on the south of Indonesia and just north of Australia. It is a country of around 10m people and has a GDP of USD18bn approximately. Established in 1957 BSP commenced operations as a branch of the National Bank of Australasia in Port Moresby the capital of PNG. From this single branch BSP has grown into the South Pacific’s largest bank with a presence in Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga, Vanuatu and now Cambodia.
The BSP Group offers general banking services, life insurance products in Fiji and PNG and asset financing in PNG, Fiji, Solomon Islands and Cambodia. BSP is well respected in the communities it operates in and over many years has employed thousands of people and made many contributions to the community through projects and sponsorship programs.