Next stop: Fiji with new bank, new cash
Expect new money (new credit) into Fiji’s financial system when the new commercial French owned Bred Bank begins operation in Fiji in September. Also expect the lowering of interest rates. That’s the word from Vanuatu’s banking sources, where Bred Bank is already operating. “The history of Bred Bank in Vanuatu was that it came in with fresh money and it is likely they will do the same in Fiji ,” said a Vanuatu banking insider.
Fiji Bank and Finance Sector Employees Union secretary Pramod Rae welcomed the new bank’s inclusion, particularly the fact it would be hiring locals. “Fiji is a big banking market and their entry into Fiji will create a lot of competition and I think customers will be seeing a drop in bank fees and rates. For this, we certainly welcome them here.” University of the South Pacific economist Professor Biman Prasad said the entry of the new bank should be welcomed. “This is not likely to affect the role of leading banks such as ANZ and Westpac, but it could add to the variety of products available to customers,” Prasad said. “Fiji is still a leading economy despite our poor growth over the last five years. Our banking industry is sound and stable.
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