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Bank expected to bring competition to market

Ana Madigibuli
Monday, November 26, 2012

BRED Bank Fiji was urged by the Attorney General Aiyaz Sayed-Khaiyum to be more robust when entering the market.

He made the comment during the official opening of Bred Bank's new headquarters at TappooCity in Suva last week.

Mr Sayed-Khaiyum said the Bank needed to ensure there was a lot of competition with the other banks already in the market.

He said Bred Bank, like any new bank, needed the support of the people.

"As the governor of the Reserve Bank of Fiji had highlighted at the opening of the BRED Bank branch a couple of weeks ago, BRED Bank has met all the numerous requirements that has been put in place by RBF which has set Fiji as a financial hub of the South Pacific region," Mr Sayed-Khaiyum said.

"We cannot be a financial hub if we do not have proper rules and procedures in place to be able to attract investments.

"We already have great services provided by four other banks but with the entry of BRED Bank we hope again to lift our services," he said.

"We have seen now a couple of competitions taking place in the market which is good for the customers because it provides a point of differentiation.

"The introduction of a new company or foreign investment in Fiji is always welcomed."

Mr Sayed-Khaiyum said the opening of the new bank in Fiji was even more special with its head being a local.

"The BRED Bank CEO is the first Fijian to head a bank in Fiji," he said.

Satish Deb is the chief executive officer of BRED Bank Fiji.

Mr Sayed-Khaiyum also welcomed the executive heads of Bred Bank into the country.





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