BSP completes settlement in Cambodia venture

Bank South Pacific (BSP) has completed the settlement of a 50 percent interest in the Cambodia Joint Venture ‘Asset Finance Company’, which will be renamed BSP Finance Cambodia Limited.

During the announcement of BSP’s 2017 half year results, CEO Robin Fleming said close to K24 million was spent to settle the joint venture with RMA Finance.

“We’ve contributed our shareholders’ funds plus our shareholders’ loan in close to $8 million. We now are 50 percent owners of a business called RMA Cambodia. It’s soon to be rebranded BSP Finance, we’re just waiting for the National Bank of Cambodia to approve the change of name.

“The business is operating profitably. It’s been in operation for around about three years and we’re now able to provide our joint venture partners some access to funding that they didn’t have previously.”

The decision to enter Cambodia was decided by the BSP Group Board on May 2nd this year.

Earlier this year, Group chairman, Sir Kostas Constantinou, revealed that other countries in BSP’s sights include Laos, Myanmar and Vietnam, which they hope to enter within 18 to two years’ time.

Author: 
Cedric Patjole