The Pan Oceanic Bank (POB) board of management normally meets in Solomon Islands with most of its decisions done here.
The explanation was made by the bank’s chief executive officer (CEO) Nihal Kekulawala in an interview with the paper fortnight ago.
He decided to come out and explain this so that local customers can be aware of the bank’s operation and how the management makes its decision regarding its services.
Mr Kekulawala said POB is not an international-based financial institution that is recognised world-wide because it was only formed in Solomon Islands. Therefore the bank is operating independently and trying to establish itself with other banks.
“We are not an international name, so we are standing on our feet. We are a locally incorporated bank without any international bank or brand behind us.”
However he said the good thing about being set up in the country is that, its board usually meets in the country and whatever decisions regarding its services and operations are tailored towards satisfying the local customers and the economy.
“The main thing is that this is a bank which is incorporated in Solomon Island and has its headquarters in Honiara. And most of the board of directors are based in Solomon Islands with only few residing overseas.
“So the decisions are being made here, unlike other banks where the board of directors are based overseas and decisions are made overseas.Only their management are based here.
“The advantage of being independent is that when you are behind subsidiaries you are being detected by the head office based overseas.
“But in our case we are based here and all the decisions are taken and implemented in the country which aims to satisfy our local customers.”
By MOFFAT MAMU