THE country’s newest commercial bank BRED Bank Solomon Islands Limited is set to commence operation.
This came after the bank was finally issued with its authorization letter to start banking business in the country.
The Central of Solomon Islands (CBSI) in a statement on Wednesday announced that BRED Bank Solomon was issued with the final letter of authorization on Monday 7 August 2017.
“Governor Denton Rarawa issued the final letter of approval after the Central Bank carried out a final inspection of the premises and its banking chamber.”
The CBSI said the opening of BRED Bank Solomon will allow businesses, corporate clients, and the general public opportunities to make choices of banking services available in Solomon Islands.
“At the same time, the number of commercial banks in Solomon Islands has now increased to four.”
The CBSI understands that BRED Bank Solomon will officially open its services to its client on Friday 11, August 2017.
According to BRED Bank Solomon, the new bank will be dealing firstly with the businesses and their employees, before opening up to the public.
BRED Bank Solomon main premises is located at Kukum area, next to the Didao Fuel Station.
Its the first ever French bank to open its doors here.
It was part of the BPCE Banking Group with its headquarters located in Paris, being the second largest financial organisation in France , employing 108,000 employees and having 35 million customers .
BRED Bank is focusing on expanding overseas and is now operating in 18 countries.
In the region they are operating in New Caledonia , Fiji , Vanuatu, Tahiti and now Solomon Islands.
