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PNG bank enters Kingdom

PNG bank enters Kingdom

Papa New Guinea-based Bank of South Pacific (BSP) has partnered with Thailand’s RMA Group in order to expand its offering of financing options for Cambodians in rural areas.

It marks the first project for BSP in Southeast Asia, and the bank is investing about $7 million to provide lease-to-own, financial lease and hire-to-purchase services, according to BSP CEO Robin Fleming.

“We decided to enter Cambodia because it’s similar to Papua New Guinea: it’s got a young population, it’s continuing to develop and the GDP is strong,” he said at a press conference announcing the venture yesterday.

Fleming added that the bank saw more room to expand and hoped to provide additional funds in the future.

The venture will be a 50-50 split between RMA Group and BSP. The new company is named BSP Finance (Cambodia) Plc, after previously being called RMA Financial Services.

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