BSP’s Entry Into Laos To Be Completed Next Week
BSP Finance Lao is the name that will grace yet another South East Asian Country. This is to boast of yet a further penetration by the country’s largest commercial bank, Bank South Pacific, when it completes its transaction into the acquisition of an asset finance company in Laos.
This now brings to total two South East Asian countries, and further movement into the Mekong region.
BSP Group CEO Robin Fleming confirmed to this paper the completion of the asset finance company in partnership with its current partner in Cambodia, RMA Group that will be complete within the first week of February.
“BSP is also close to completing purchase of an asset finance company in Laos in partnership with our joint venture partners in Cambodia, RMA Group,” Mr Fleming affimed. The regulator, Bank of Lao has approved the purchase of 50 per cent of this business by BSP and Sir Kostas Constantinou and Robin Fleming, along with Christophe Michaud, travelled to Laos to meet with staff and inform them of the impending purchase and to provide them with details and background of BSP.
“The staff in Laos are excited about becoming the newest member of the BSP Group. “BSP is expecting to complete acquisition for 50 per cent of the business in the first week of February 2020. The business will be branded BSP Finance Lao,” Mr Fleming said.
When asked what requirements and appeal BSP had with the central bank in Loas to get its nod. Fleming highlighted capacity and regulatory oversight as key to the approval.
“The Bank of Lao was most interested in both BSP’s capacity to effectively manage an asset finance business which we were able to demonstrate, BSP’s capital adequacy, again which was easily satisfied, and also the effectiveness of regulatory oversight by our home regulator, Bank of PNG.
“Bank of Lao and Bank of PNG have a good working relationship and they were most impressed with Bank of PNG’s oversight capabilities.”
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