Wed, 26 July 2017
Last Updated: Wed, 26 Jul 2017 2pm
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New bank’s CEO pledges assurance

The Chief Executive Officer (CEO) of the newly accepted commercial bank BRED Bank, has assured the public of top service they will be adding to the banking services here.

Owen Thompson said they are looking forward to providing best and quality service to the people of Solomon Islands.

“We’ve worked on our strategies to suit and address banking needs of people of Solomon Islands,” MR Thompson said.

The Central Bank of Solomon Islands (CBSI) Board has granted an interim license to Bred Bank (Vanuatu) Limited yesterday morning to carry out banking business in the country.

Bred (Solomon) Limited is expected to become the country’s next major financial institution and the fourth commercial bank to be in operation later this year or early 2017.

The French and Vanuatu based bank also operates in New Caledonia, Tahiti, Wallis and Futuna, Vanuatu and Fiji.

Rarawa and CBSI Board Director Sir Thomas Chan granted the interim license in accordance with Section five of the Financial Institutions Act 1998, on 27th of May this year.

Moreover, CBSI directors pointed out that competition in the financial sector is good for the country and the economy, because it will help elevate the standard of banking and customer services, encourage product and service innovation, enhance institutional efficiency, promote innovation in banking services delivery channels and access points, lift customer banking experience and pull cost down.

CBSI directors further noted that Bred Bank is a reputable bank and that its entry into Solomon Islands will lead to transfer of technical skills and knowledge to Solomon Islands economy.

In addition, directors stressed it will provide employment for locals at both managerial and clerical level; provide direct and indirect taxation revenues to general government municipal authorities; and provide Solomon Islands consumers a unique and distinctly European banking experience.

Bred (Solomon) Limited is expected to establish its banking infrastructure and equipment and open for business within the next 12 months, as stipulated under the interim license issued by CBSI.

By AATAI JOHN

 


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