24 Nov 2004

Fiji Development Bank to go commercial

4:30 pm on 24 November 2004

The state-owned Fiji Development Bank has applied for a licence to become a fully fledged commercial bank.

The Fiji Times quotes the bank's chairman, David Aidney, as saying they expect the Reserve Bank of Fiji to issue their commercial banking licence within a month.

Mr Aidney says the commercial banking licence will enable the Fiji Development Bank to offer more services to their existing customers and attract new ones.

The bank is offering a home loans facility as a first step.

Fiji is already served by five commercial banks with ANZ, Westpac and Colonial being three larger ones.