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September 28, 2012 12:00:00 AM
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BRED Bank, which is expected to start operating from October 2012, says it intends to have five branches within six months.

The French-owned bank’s Fiji chief executive Satish Deb says the flagship and first branch will be at MHCC in Suva.

 “After that we will look at opening in other locations, but in the interim, we will consider appointing merchants and businesses as agents to process customer transactions electronically through EFTPOS,” Deb said.

The bank has recruited 35 staff and expects to have 45 by the time it opens, and promises 200 in three years.

The company is spending about $12 million on set-up costs, including on ATMs.

It expects to have 10 ATMS in operation soon after launch, with others installed over the next 12 months.

 Deb said BRED Bank will create borrowing opportunities for potential investors and increase capability/capacity for existing businesses as they will benefit from the competition.”

 “BRED Bank is also focused on contributing towards economic development through its programs for agriculture, rural banking, and microfinance.”

Deb said they will be competitive in banking services, customer care, interest rates, fees, and charges, lending terms as well as minimising bureaucracy and simplifying banking.

 “BRED Bank will be innovative in its approach and offerings, providing the people of Fiji with savings in borrowing costs and better earnings on deposits. They will focus on making banking a people business.’’

 By Ropate Valemei

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