Bank South Pacific will be creating history when it enters the Asian market following the announcement of its new new branch in Cambodia.
This was revealed today during the announcing of the final dividend to shareholders for 2016 today.
The decision to enter Cambodia was settled on May 2nd this year.
BSP owns 50 per cent of an asset finance company called RMA Finance, which is now in the process of being rebranded to BSP Finance Cambodia Proprietary Limited.
“It’s already operating. We now own 50 per cent and the formal rebranding, hopefully by the end of July we’ll have the BSP colours proudly in Cambodia,” said BSP CEO Robin Fleming.
The new branch in Cambodia is part of BSP strategy to enter the Asian market following its successful penetration in the Pacific which it has successfully covered following its acquisition of Westpac’s assets in the region.
BSP Board Chairman Sir Kostas said other countries in BSP’s sights include Lao’s, Myanmar, and Vietnam which they hope to enter between 18 months to two years.
“We’re starting to do feasibility on these Laos, Myanmar, I mean these things don’t happen overnight. There’s a timeframe, we make sure we have all the ticks in the boxes first. Make sure all the regulatory requirements are satisfied and we proceed. But there is opportunity in these countries. That’s the main thing,” said Sir Kostas.
BSP is the largest business in PNG outside of companies in the resources sector.
The banking chain has seen remarkable growth, particularly over the last three years despite a tough economic environment.
The growth and performance is attributed to the management team and staff of the company.