BRED Bank says its operation in Solomon Islands is growing and achieving it ambitions.
“Established recently in 2018 and despite the pandemic, BRED Bank Solomon Islands has continued with its growth, market penetration and ambitions,” the bank said in a statement issued yesterday.
“The fourth and latest arrival on the Solomon Islands banking market, it took only three years for the bank to set its strong hold and footprint by capturing second place of the loan market with 21.2%1 share,” the statement added.
“This success was reflected in the opening of a second branch in January 2021 in the heart of the business district in the city centre of Point Cruz.
“This new point of contact close to its customers created around fifteen new jobs.”
The statement comes after BRED Group recently conducted a capital increase of €5 million in its subsidiary BRED (Vanuatu) Limited.
This strategic contribution, the bank says, is intended to strengthen the positive momentum of BRED subsidiaries in the Pacific, and more specifically to speed up the development of BRED Bank Solomon Islands.
Strong presence of BRED (Vanuatu) Limited
Founded in 2008, BRED (Vanuatu) Limited is the number 1 bank in the loan segment (market share of 36.8% in Vanuatu.
BRED (Vanuatu) Limited shows how much the Pacific banking market can be the growth driver for BRED Group.
The €5 million increase brings the issued and paid up share capital to €26 million as at June 21.
This increase strengthens BRED (Vanuatu) Limited’s capacities and demonstrates the confidence in the future that BRED has for this region of the Pacific, with the opening of a third branch planned for 2022 in the capital Port Vila, near Bauerfield International Airport.
“BRED (Vanuatu) Limited and Bred Bank Solomon Islands will use this capital increase to further disseminate the global customer approach and value-added advisory model that define ‘banking without distance’.”
BRED is a cooperative Banque Populaire, supported by its 200,000 members, 5.2 billion euros in equity, and 6,000 employees – including 30% outside France and the French Overseas Departments.
It operates in the Greater Paris region, Normandy and in the French Overseas Departments, as well as in Southeast Asia, the South Pacific, the Horn of Africa and Switzerland via its commercial banking subsidiaries.
As a community bank with strong ties in local areas, it has a network of 475 business sites in France. It maintains a long-term relationship with 1.3 million customers.
As part of the BPCE Group, BRED Banque Populaire operates in various activity sectors: retail banking, corporate banking for large– cap companies and institutional investors, wealth management, international banking, asset management, trading, insurance, and international trade financing.