Bank South Pacific (BSP) officially launched its newest subsidiary, BSP Finance Cambodia, on Thursday 18th January in Phnom Penh City.
BSP board chairman, Sir Kostas Constantinou, and BSP Group CEO, Robin Fleming, were in Cambodia to officially launch the subsidiary, which has been operating under the BSP Finance banner since May 2017.
BSP concluded equity participation in RMA Financial Services with their joint venture partners, RMA Group, in May 2017, and that the business was to be renamed BSP Finance (Cambodia).
Sir Kostas thanked 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.
He also acknowledged the 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,” said Sir Kostas.
“Our 2016 net profit after tax was USD 175 million (K533 million), our balance sheet USD3.6 billion (K11 billion) and our market capitalisation is USD1.23 billion (K3.7 billion).”
He added the board and management look forward to a profitable 2018, and the establishment of BSP Finance (Cambodia) will enable BSP to extend its financial services into broader sectors of the local economy in Cambodia and the Asia-Pacific region.
Fleming said BSP’s presence in Cambodia sets the foundation for it to venture within the Asian Region.
“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 added: “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.
BSP Finance (Cambodia) will provide the following: Hire to Purchase, Lease to Own and Operating Lease financial services.
(BSP Group CEO, Robin Fleming, Chairman of Joint Venture partners RMA, Kevin Whitcraft and BSP Group Board Chairman Sir Kostas Constantinou at the official launch of BSP Finance (Cambodia) Pic Credit: BSP Public Relations)