Pan Oceanic Bank launched last Friday - Solomon Star News

Pan Oceanic Bank launched last Friday

13 July 2014

Solomon Islands now has its own bank; starting from the board of management to all its decisions are made locally. Pan Oceanic Bank (POB) has been carefully structured, understanding the actual banking and financial needs of the country, its people and businesses to realise the full economic potential.

In a statement Pan Oceanic Bank Ltd said it will be opening its doors to serve the country and its people as of last Friday.

“POB is a well-capitalized local bank, offering a wide range of   products to cater to all  financial needs of people of Solomon Islands and is ready to empower all business sectors to enable the country to  become  a key player in the Pacific region.”

POB is a full service commercial bank with well developed retail and commercial banking services and products.

The operation will be headed by an experienced banker with over 25 years proven track record in the international arena and supported by a senior management team with a total banking experience of over 400 years.

Their expertise covers all aspects of commercial banking  i.e. banking strategy and finance, international trade, operational management , treasury and financial markets, credit and risk management and retail banking operations.

Bank has invested heavily on its IT platform and intends to extend a complete range of banking products including internet and mobile banking to all customer segments such as corporate, commercial and individuals.  With high penetration of mobile devices in our society , mobile banking could be considered as the best way to reach out to a greater segment of population  more cost effectively.

POB has acquired a system to offer mobile banking on IOS and Android already and for other devices, it has the capacity to offer this product on USSD platform. (SMS Banking)  These facilities will be available within a short period from the commencement of our operations.

 “POB is committed to the development of a strong banking and financial sector in Solomon Islands so that the country can break away from traditional banking and be prepared to absorb the developing trends in more sophisticated markets and empower the businesses and the economy to face the emerging challenges Our goal is to build partnerships where both parties will benefit, long lasting relationships where the customers will feel at ease when talking to their banker as a friend and confidante. Only then can a banker understand the real needs of the customer and provide what he or she needs rather than just another product from its off the shelf range,” said Mr. Nihal Kekulawela, the CEO of the Bank.

POB investment is all focused on Solomon Islands. Delivering state of the art baking services are very costly in the present context and unlike for bigger international banks who can distribute their costs amongst a large network of branches, POB had to absorb all costs with no assistance from anyone except our shareholders.

This amply demonstrate shareholder commitment to developing the banking system in the Solomon Islands.

POB’s senior management team take the broader view, “we are here to further develop POB to become better and better in servicing the needs of Solomon Islands and work with our regulators, Government and all participating foreign missions, aid organisations and Non-Government Organisations to further develop the reach and inclusion of each and every person, business of this country.

“We have a well thought out banking and finance model that with the assistance of our valued clientele can be even more effective to connect all of Solomon Islands to be part of one financial system. POB welcomes all stakeholders to work in partnership to be an effective force to develop Solomon Islands, economically, socially for long term sustainability.”

POB team humbly welcome all of Solomon Islands to celebrate the birth of your local bank on the 11th of July 2014, join hands in the development process of our country and experience what new banking convenience means.

Mr. Kekulawela added; “We take this opportunity to thank all people of Solomon Islands, all business houses, the Central Bank of Solomon Islands, the Prime Minster, his cabinet and the government,  rest of the commercial banking community and all other stakeholders  for your support to date and wish a bright future for Solomon Islands”.

Pan Oceanic Bank Ltd is a locally incorporated commercial bank, under the CBSI full license granted 22 April 2014 under the Companies Act of Solomon Islands 2009, with its head of operating premises located at L1, Hyundai Building, CBD Honiara.