By LESLEY SANGA
BRED Bank (SI) Limited has so far invested SBD$70 million in the local economy since its establishment in Honiara, Solomon Islands, August 2017.
Prime Minister Rick Hou made the revelation over the weekend, in the official opening of the bank in the country.
The bank’s interim license was issued by the Central Bank of Solomon Island (CBSI) in May 2016.
BRED Bank is the latest and fourth commercial bank to operate in the country’s banking sector, joining the ANZ Banking group, Bank of the South Pacific (BSP), and the Pan Oceanic Bank (POB).
Prime minister Hou stated that, the fact that the launching is celebrated is a testament to the bank, having complied with the country’s requirement.
That said, he is very happy that the bank has finally met all the requirements to operate in the Solomon Islands.
“I am pleased that the BRED Bank has ticked all the boxes and met all the licensing requirements.
“I hope this is just the beginning and that in the near future, we should see BRED Bank expanding in other provinces,” Prime Minister Hou said, when speaking during the launching and official opening of the Bred Bank building, in east Honiara.
“It is worth nothing that while others are reconsidering continuing their business in this country, the BRED Bank is eager to come in and stay for the long haul.
“So eager that since the issuance of its interim banking licence, the Bank has not only made tireless efforts to meet all it licence conditions, but also successfully reaching out to the local business community,” Hou added.
Prime minister Hou further stated that he believe this investment would only be possible with the bank taking a long term view of the opportunities and potential in this country.
“I am sure the investment into these premises will generate more returns not only for the Bank, but also for the economy as a whole.
“I salute the Board and senior management of BRED Bank for the confidence they have in our country.”
Mr Hou was reliably informed that the bank has so far recruited more than 50 locals to join its workforce.
The bank aims to lift the standard of banking services in the country through efficient banking services and investments in training infrastructure and systems.
The prime minister said that already in their short time here, they have sent staff to train in Vanuatu, Fiji, France, and New Caledonia.
Soon they will send staff to Thailand where the bank has banking operations.