National Bank head calls on cops to bust 20 illicit lenders
First female Lloyd’s exec steps down
LLOYD’S of London, the 332year-old insurance market, said Friday that its first female chief executive has decided to quit. British national Inga Beale will step down next year after leading the global insurers for five years, the firm said in a statement that gave no reason for her exit.
The departure comes as the company – which insures against catastrophes such as earthquakes, shipwrecks and revolutions – prepares for life after Brexit with the opening of a Brussels subsidiary in early 2019.
Beale was the first woman to lead the institution, which lies in the heart of London’s City finance district and whose history dates back to the late seventeenth century.
“Inga will leave Lloyd’s with a strengthened reputation as one of the most respected and trusted insurance brands in the world,” the group said in a statement.
She is currently the only woman to lead a large company in the capital’s financial sector. Her leaving date has not yet been confirmed.
Back in March 2017, Lloyd’s announced it would open a European subsidiary in Brussels after the triggering of Britain’s EU departure.
THE governor of Cambodia’s centra l bank has sent a letter to the National Police seek ing lega l action against more than 20 firms t hat are a llegedly of fering illega l loa ns.
The letter, signed by National Bank of Cambodia (NBC) governor Chea Chanto on July 3, and obtained by The Post on Monday, included an attached list of 20 firms and their phone numbers.
The document claimed that all 20 were operating outside state regulations and threatening financial stability.
“To protect the interest of the people and to stop the operation of illegal companies, the NBC requests the National Police commissioner to take strict legal action against the [mentioned] lenders that are neither registered nor [in the process of ] obtaining a licence from the NBC,” the letter reads.
According to the letter, the unlicensed lending companies are publicising and actively promoting easy credit services through Facebook, text messaging and the distribution of business cards.
The lenders offer simple loans that don’t require collateral but often fail to disclose interest rates or added fees.
National Police spokesman Kiet Chantharith confirmed on Monday that it had received the letter from the central bank and has appointed a team to work permanently with NBC officials to deal with the matter.
“The NBC has collected enough information, and we have prepared a team to take action against the illegal lenders,” Chantharith said.
Cambodia Microfinance Association (CMA) executive director Yun Sovanna said on Monday that the NBC action aims to protect the rights and interests of clients.
“We hope that the enforcement is ef fective and unlicensed operators face t he law,” he said, adding t hat the NBC and CMA recently released guides for people who are unsure about loan prov iders.
“People should only utilise [services] from licensed operators which also offer proper channels to address concern or complaints,” Sovanna said.
Emerging Markets Consulting (EMC) senior consultant Ngeth Chou said on Monday that he welcomed the NBC’s move as it showed its responsibility towards the financial sector.
“It is the right action at the right time to prevent an issue that can threaten the stability of the country’s financial industry,” he said, adding: “We hope the enforcement will be efficient and can solve the matter.”