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Fiji Time: 11:38 AM on Thursday 18 September

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Loans top request

Torika Tokalau
Saturday, December 15, 2012

FIJI's newest bank, BRED Bank (Fiji) Limited has noted an increase in demand for loans as customers take advantage of their new and competitive deals in the market.

BRED Bank's deputy chief executive officer Ajay Singh said they had experienced an overwhelming demand for their services and support from customers since it opened its doors on November 3.

The Reserve Bank of Fiji recently released its economic review for November 2012, citing an increase in liquidity by $19.3 million to $554.8m.

This, according to the central bank was primarily because of the addition of BRED Bank's exchange settlement account and a decline in statutory reserve deposits.

"BRED Bank is experiencing a string demand for loans, although most of it is requests for refinance from customers of other banks," he said.

"BRED Bank is receiving and approving loan applications for all purposes — personal loans, debt consolidation, motor vehicle loans, home loans, investment property loans, commercial and business loans.

"BRED Bank's home loan promotional offer is by far the best home loan deal on offer and new customers are taking full advantage of this.

"They (customers) are obviously attracted to the very competitive deals and good services that we strive to provide. BRED Bank is indeed very competitive but more so empathetic — very willing to listen to and understand customer needs."

"BRED Bank's capital has been used in part to establish its operations. Further capital will be used for expansion planned over the next 12 to 18 months with more branches, automatic teller machines and Electronic Funds Transfer at Point of Sale (EFTPOS) as well as more staff," Mr Singh said.

"Our staff have been responding well to the huge influx of customers who want to open accounts, apply for loans and use the other services of the bank.

"BRED Bank staff are committed to upholding their pledge for serving their customers to the best of their ability — to show respect, appreciation and care for the customers.

"This is what is setting BRED Bank apart from its competitors."

Meanwhile, the latest review also noted financial conditions in the country were charactersised by declining lending rates, increased credit and buoyant liquidity levels.

RBF said broad money growth slowed in the year to September largely attributed to a decline in net foreign assets while domestic credit grew by an annual 5.2 per cent in the November review period.


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