September 06, 2012 12:00:00 AM
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French Bred Bank will not begin operations in Fiji until next month, Reserve Bank of Fiji spokesman Mervin Singh confirmed to FijiLive.

The new commercial bank was initially scheduled to begin operations this month, but operational issues prompted the postponement.

In an earlier RBF statement, Governor Barry Whiteside said the new bank will portray a "positive message" to investors about "the confidence to invest in Fiji.”

He said Bred Bank will also create competition in the banking system.

According to him, the bank will initially employ at least 30 people with plans to employ locals in their staff, including the head of operations and at senior management level.

The Bank applied for a commercial banking licence in June 2011 which was granted in October 2011.

It is a subsidiary of the French banking group, BCPE.

By Ropate Valemei



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