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LOLC (Cambodia) Plc. is the first MDI to be granted leasing product permission in Cambodia.
Phnom Penh, January 23rd, 2017– Mr. Sok Voeun, Chief Executive Officer of LOLC (Cambodia) Plc., the 4th largest and rapidly growing MDI in Cambodia, proudly announced that the National Bank of Cambodia (NBC) granted the company a permission to offer leasing products on January 09th, 2017. LOLC has become the first MDI in Cambodia to obtain such leasing product permission, which allows the company to penetrate a market previously exclusive to leasing companies.
Leasing is a nascent product and LOLC (Cambodia) Plc. sees its tremendous growth potential as well as positive impact on Cambodia’s economic and social development. As an alternative to traditional loan products, leasing products do not require clients to use personal property as collateral or to fund the acquisition of assets with cash up front. LOLC leasing products unlocks new capacity of households and businesses to obtain funding for acquisition of vehicles and equipment that enable business operations expansion or living standard improvement.
Sok Voeun (CEO): “We are excited to be one of the pioneers in scaling up the leasing market in Cambodia”. In March 2017, the company will launch a new financial lease for such movable assets as appliances, machineries, motorcycles and other vehicles to Cambodians. By leveraging the company’s nationwide branch network and customer base of more than 200,000 clients, coupled with LOLC Group’s leasing experience in Sri Lanka, LOLC (Cambodia) Plc. is in a strategic position to bring the benefits of leasing products to households and businesses in all corners of Cambodia. Starting leasing business also opens up an entirely new market for LOLC (Cambodia) Plc. and hence, the initiative is a key pillar in the company’s future growth strategy.
About LOLC (Cambodia) Plc.
LOLC (Cambodia) Plc. is currently the 4th largest MDI in Cambodia by number of borrowers and GLP. Due to its commitment to responsibly serving clients, focus on customer service, innovative products, and fair and transparent pricing, LOLC (Cambodia) Plc. has become a trusted provider of financial services for Cambodians. The institution was established by Catholic Relief Services (“CRS”) in 1994 to enable rural women to gain access to financial services that they could use to finance their microenterprises. In 1999, the company became the first regulated microfinance institution in Cambodia, known as Thaneakea Phum (Cambodia) Ltd. In January 2010, Developing World Markets (“DWM”), a US-based, socially responsible emerging markets fund manager acquired a majority equity stake in TPC from CRS. With over 15 years of experience funding financial institutions across over 40 countries, DWM's oversight and high standards have enabled TPC to greatly improve its operations and procedures. As TPC developed, LOLC Micro Investment Ltd. (“LOMI”) became interested in investing in TPC, and acquired a majority equity stake. In 2015, Thaneakea Phum (Cambodia) Ltd. rebranded its name to LOLC (Cambodia) Plc. and was granted a deposit taking license from the National Bank of Cambodia. At present, LOMI owns 60% of total shares, DWM owns 36.97%, and the remainder is owned by LOLC staff through an Employee Stock Ownership Plan (TPC-ESOP).
For more information about LOLC, please visit: www.lolc.com.kh
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