New Solomon Islands bank launched


A new full service commercial bank with retail and commercial banking services and products has been launched in the Solomon Islands last week. <!--more-->A locally incorporated commercial bank is called Pan Oceanic Bank (POB). It is the fourth commercial bank to operate in the country.

In a media release announcing its launch, the bank said, “POB is a well-capitalised local bank, offering a wide range of products to cater to all financial needs of the people of the Solomon Islands and is ready to empower all business sectors to enable the country to become a key player in the Pacific region.”

The bank’s experienced staff has expertise in banking strategy and finance, international trade, operational management, treasury and financial markets, credit and risk management and retail banking operations, the media release says.

Sri Lankan information technology firm and banking software developer Fortunaglobal has delivered a digital banking platform to the new bank. Its branded platform will allow POB to provide services to customers through mobile phones and the web. The mobile banking service works on both the IOS and Android platforms and allows SMS banking, and are due to be launched shortly.

Nihal Kekulawela, Chief Executive of the bank said, “We have a well thought out banking and finance model that with the assistance of our valued clientele can be even more effective to connect all of Solomon Islands to be part of one financial system.”

At a function to inaugurate the bank, Prime Minister Gordon Darcy Lilo said POB was the first locally incorporated commercial bank in the country, reports Radio New Zealand International. Governor of the Central Bank, Denton Rarawa assured Solomon Islanders of the new bank’s ability after scrutiny by the Central Bank of the Solomon Islands, the radio station added.

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