French Bred Bank to open in Sept

France’s Bred Bank is to open in Fiji from September.

Reserve Bank Governor Barry Whiteside said Bred Bank had applied for a commercial banking licence in June 2011, and this had been granted in October 2011.

Whiteside said entering a market with well established players will be a huge challenge, however, it augurs very well that a large foreign investor is willing to commit.

Bred Bank still has to secure premises and hire staff.

Bred Bank (Fiji) Limited will be part of BCPE, the second largest banking group in France comprising 36 regional banks.

The Bred Bank name or Bred Banque Populaire is the largest banking network within the BPCE Group and the Bred overseas banking network falls under its wholly owned subsidiary Compagnie Financere de la BRED (COFIBRED).

Through COFIBRED the Bred banking brand has expanded with 45 subsidiaries across France and Europe, Eastern and South Africa, South East  Asia, and the Pacific - Tahiti and French Polynesia, New Caledonia and Vanuatu.

COFIBRED also holds minority interests in Bank of Queensland, Bendigo and Adelaide Bank in Australia.

By Farzana Nisha