Bank holds 14 per cent market share
16 September, 2023, 6:02 pm
After just 10 years in Fiji, BRED Bank Fiji’s has grown its asset portfolio to $1.2 billion, representing a market share of 14.16 per cent, said chief executive officer Thierry Charras-Gillot.
Speaking at the opening of the bank’s new branch at RB Patel Centerpoint in Laucala Beach, Nasinu, on Thursday, Mr Charras-Gillot said the investment and expansion reflected the company’s vision to be “Fiji’s preferred bank through Banking Without Distance”.
“This monumental investment is a continuation of our expansion strategy, which started last year, as we opened our new Lautoka branch, culminating with our 10th anniversary in Fiji. While we are seeing other banks closing or downsizing branches in Fiji, we are investing heavily on expanding our operations, at the same time building facilities, which offer world class banking experience to the people of Fiji,” Mr Charras-Gillot said.
“In a few months BRED Bank, for the first time, will open a branch in Labasa for our people in Vanua Levu. The bank has made these strategic choices because of the confidence we have in the economy of Fiji. We have earned the trust of our customers and this is shown in the growth of our asset portfolio, which stands at $1.2b today, with a market share of 14.6 per cent,” he said.
The new Centerpoint branch will host the retail branch on the ground floor and the business center on the first floor.
It is an expansion of services offered through BRED’s Valelevu branch, which has now closed.
In opening the branch, Minister for Finance Professor Biman Prasad said with the economy on track for good growth, this was a good time for expansion.
“We are now seeing aspects of real growth in the economy and the initial forecast of six per cent has been revised to a conservative eight per cent.
“This is a good time for BRED Bank to expand and I’m very pleased that you’re going to my island, Vanua Levu. In fact the $200m World Bank project over the next several years is a significant investment in the Northern province and we feel it will help spur economic growth in that area,” Prof Prasad said.