Fiji’s own bank launched - Solomon Star News

Fiji’s own bank launched

24 February 2014

A 100 per cent Fijian-owned commercial bank was launched last week.

Home Finance Company Bank also unveiled its branding in a spirit of excitement and with great hope for the future.

"It is our bank, the people's bank, and I am delighted as Prime Minister to be here on this historic occasion and to share the pride we all have as Fijians in seeing this vision realised," said PM Commodore Voreqe Bainimarama while launching the bank at Novotel in Lami.

HFC is a joint venture between Fiji National Provident Fund, which owns 75 per cent of the bank and the Unit Trust of Fiji, which holds the remaining 25 per cent.

"So in a very real sense, every Fijian has a stake in HFC and their fortunes are directly linked to its success," he said.

"They will not only be able to use the bank to get a return on their savings but as a source of borrowing to invest in improving their lives and those of their families.

"They will also benefit from the profits that are ploughed back into their national superannuation fund and the trust fund. When those profits stay in Fiji, everyone wins. The returns don't flow overseas but remain in Fiji."

He said proper mechanisms were in place to ensure the HFC Bank met the requirements and the highest standards of good governance.

Bank's chairman Tom Ricketts said their products and service would offer the flexibility to meet Fijians' financial needs and would be competitive in the market.

The bank will be operational from March 3.

Suva (Fiji Times)