THE BRED Bank will try and live up to its slogan, It's all about you, when it finally opens its doors sometime next month.
Not letting the cat out of the bag, chief executive Satish Deb only said customers should expect better products and services when asked on what the French bank has to offer.
In the past few months, the bank has transferred a substantial amount of capital to establish the first ever BRED Bank branch in Fiji. Of that fund, at least $12million has been spent on premises, vehicles, computers, software, ATMs, EFTPOS.
It has recruited 35 staff and is promising to create 200 new jobs within the next three years.
"BRED Bank's banking activity will create borrowing opportunities for potential investors and increase capability and capacity for existing businesses as they will benefit from the competition," Mr Deb said.
"BRED Bank will contribute to VAT, duty payment and taxes based on consumption as we establish and expand our operations. BRED Bank is also focused on contributing towards economic development through its programs for agriculture, rural banking and microfinance.
"BRED Bank will contribute to and facilitate economic development. It will contribute to increase in GDP through funding of capital investments via loans to the various sectors that require development assistance.
"BRED Bank's employment of about 200 people will contribute to disposable income and consumer spending. BRED Bank as a business will acquire goods and services for consumption in its business."
With Fiji already having four banks, could it afford a fifth?
Mr Deb is confident that they would be the bank that would be competitive in providing banking service, customer care, interest rates, fees and charges, lending terms, minimising bureaucracy and simplifying banking.
"BRED Bank will be innovative in its approaches and offerings providing the people of Fiji with savings in borrowing costs and better earnings on deposits. We will focus on making banking a people business," he said.
"The first branch will be at MHCC in Suva which will be our flagship branch. We then have plans to open in key strategic locations and our intention is to have a total of five branches within six months from commencement of operations. After that we will look at opening up in other locations to expand on our network of branches. In the interim, we will consider appointing merchants and businesses as agents for BRED Bank and they will be able to conduct transactions for customers electronically through use of latest EFTPOS technology.
"We are in the final stages of our preparations and very pleased with what we have achieved so far. We are very close to opening.
"BRED Bank hopes to eventually provide better banking for Fiji — making banking a pleasant experience and cost justified — value for money products and services. BRED Bank Fiji originates from a co-operative set up/ownership and our focus is on people — as reflected in our slogan "Its All About You"," Mr Deb said.