BSP Cambodia target fixed

Business

BANK South Pacific Finance (Cambodia) is expected to contribute
15 per cent of total revenue from all BSP Finance subsidiaries in its first year of operations.
BSP chief executive Robin Fleming said there was also the possibility of Papua New Guinea-based staff to work at its most-recent subsidiary in Cambodia.
Fleming said that two Cambodian staff would be travelling to PNG next week for training.
“The Cambodian business is relatively small in the context of BSP’s combined banking and BSP Finance businesses,” he said.
“Over the next 12 months, we would expect BSP Finance Cambodia to contribute approximately
15 per cent of our combined BSP Finance subsidiary, which includes BSP Finance PNG, BSP Finance Fiji, BSP Finance Solomon Islands and BSP Finance Cambodia.
“If the business grows and expands, there is the prospect of secondments of PNG staff to Cambodia, at least on a short-term basis.
“PNG staff have been involved in training already, and two Cambodian staff will be in Port Moresby next week for BSP’s leadership forum on Feb 3-4.”
Fleming said final approval was given by Cambodian authorities last week for BSP to operate there.
“The final approval with the National Bank of Cambodia has been completed,” he said.
“In May, 2017, BSP completed the purchase of 50 per cent of RMA Financial Services Cambodia Plc, following approvals by the National Bank of Cambodia and Bank of PNG.
“The most-recent and final approval was the change of name to BSP Finance (Cambodia) Plc.”

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