POB is a licensed bank: CBSI - Solomon Star News

POB is a licensed bank: CBSI

21 August 2014

THE Central Bank of Solomon Islands (CBSI) has clarified a report from Peterson Boso in an article questioning the credibility of Pan Oceanic Bank Limited (POB) on Tuesdays’ issue (No.5595) of the Solomon Star.

In a statement, CBSI said while respecting the rights of the public to express their views in the media, CBSI will not tolerate the publication and spreading of misleading information that might undermine public confidence in our financial system and that of customers of banks in the country.

At the same time, CBSI encourages the public to contact them should they have questions about any financial institution operating in the country.

“We assure the general public that POB is a licensed commercial bank and CBSI has imposed upon POB the same scrutiny on risk management practices and prudential guidelines to ensure safety of depositors’ funds just like any other commercial bank in Solomon Islands.

“In this regard, POB is accorded the same treatment in ensuring that they have complied with and will continue to comply with KYC and other prudential requirements.”

CBSI also clarified that since POB is a locally incorporated bank, it does not require POB to have a head office outside Solomon Islands.

“And to say that POB does not have affiliation to established financial institutions overseas is misleading and inaccurate.

“POB has established banking relationships and corresponding banking arrangements with overseas banks which is a requirement for any licensed bank.”

CBSI confirmed that only during the period of its interim license was POB restricted to doing business with the public including accepting deposits.

“Now that POB has been granted a full banking license, it is entitled to take public deposits and provide all other banking services to the public.”