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Bank of South Pacific Limited (BSP) sets footprints in South-East Asia with BSP Finance Ltd

Bank of South Pacific Limited (BSP) sets footprints in South-East Asia with BSP Finance Ltd

PHNOM PENH, Cambodia, Jan. 18, 2018 /PRNewswire/ -- Bank of 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 on Thursday 18th January, 2018, in Phnom Penh.

BSP Group CEO, Robin Fleming, said, "BSP concluded equity participation in RMA Financial Services (Cambodia) Plc with our 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."

BSP Finance (Cambodia) Plc will provide the following financial services: Hire to Purchase, Lease to Own and Financial 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."

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 further 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 USD175 million, our balance sheet USD3.6 billion and our market capitalisation is USD1.23 billion," said Sir Kostas.

He added the 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.

About BSP

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 10 million people and has a GDP of USD18 billion 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.

We're proud of our whole of bank capabilities whereby our teams in Corporate, Retail, Paramount and Treasury are able to provide solutions to our clients, drawing on our capabilities and broad presence. This capability is unmatched by our competitors. PNG and the Pacific is our home. We have knowledge, history, experience and a commitment to the region that other financial institutes cannot offer.

www.bsp.com.pg/About-Us/Welcome-to-BSP

Media contact:

Julian Rake
julian@quantumcomms.asia 
+855 012 32 42 83

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