BSP Group CEO, Robin Fleming, said, BSP concluded equity participation in RMA Financial Services 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 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."
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 thanks the National Bank of Cambodia (NBC) and the Bank of Papua New Guinea (BPNG) for sharing our 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 USD 175m, our balance sheet USD3.6bn and our market capitalisation is USD1.23bn 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.