Jean-Paul Julia has witnessed the dynamism and ambitions of BRED Bank Fiji.
Fiji, with a population of just under one million, stands out as one of the most developed economies in the South Pacific. In 2023, Fiji’s GDP was USD 5.5 billion, with a growth forecast reaching USD 5.8 billion by the end of 2024, according to the International Monetary Fund (IMF). This economic dynamism is supported by a rapidly expanding banking sector, where BRED Bank Fiji (BBF) is playing an increasingly significant role.
Remarkable growth in a competitive environment
The Fijian banking landscape comprises six main banks. Until recently, BBF held the fifth position but is now aiming for the fourth spot with HFC. BBF’s market shares are on a strong upward trajectory, reaching 15.2% for loans (an increase of 2.6% compared to December 2022) and 13.1% for deposits (an increase of 2.2% compared to December 2022).
This impressive growth is the result of an ambitious development strategy, initiated by a capital increase in 2021 and the involvement of all BRED Bank Fiji employees. The initial goal was to exceed a market share of 12.5% within three years, a target already achieved by the end of 2023. Despite an economic environment still marked by the repercussions of the COVID-19 pandemic, BBF managed to grow significantly across all segments in 2022 and 2023.
Geographical expansion and new projects
In 2023, BBF reached a significant milestone by opening its first branch outside the main island of Viti Levu. This geographical expansion demonstrates the bank’s commitment to getting closer to its customers and capturing more business, particularly from major hotels. Two new branches are also planned to support this development.
Furthermore, the FHL Tower will soon house the new headquarters of BRED Bank Fiji, a strong symbol of its long-term commitment to the Fijian economy.
A trusted partner for Fiji’s economy
Like BRED Banque Populaire, BRED Bank Fiji focuses on quality service and customer advice to grow. This long-term strategy has attracted the attention of major international companies such as McDonald’s, Punja or Fiji Airways.
Territorial anchoring is also key in developing offers and services for Fijians. The efforts and commitment of BRED Bank Fiji are noticed and appreciated. This visit by Jean-Paul Julia was also an opportunity to meet H.E Ratu Wiliame Katonivere, President of the Republic of Fiji, whom BRED Banque Populaire had the honor of hosting in Paris in July 2023. This illustrates the excellent relations we maintain with Fiji.
BRED Bank Fiji is well-positioned to continue playing a key role in the economic development of Fiji. With ambitious projects and sustained growth, it is ready to meet future challenges and contribute significantly to the local economy.