Established in 2008, BRED Bank Vanuatu is an 85% subsidiary of BRED Banque Populaire. Its headquarters are located in Port Vila, the capital of Vanuatu. The bank operates three branches, including the Tagabé branch, which was inaugurated at the end of September 2022, and 36 ATMs.
Progressing Results
BRED Bank Vanuatu faces a competitive banking market with several major players such as ANZ Bank, Bank South Pacific, and Wanfuteng Bank. Despite this competition, BRED Bank Vanuatu has shown notable growth in its net income. As of December 31, 2023, the bank had over 24,200 clients, including 22,500 individuals and more than 1,700 businesses, marking a 17% increase compared to the previous year.
The bank has maintained its leading position in the credit market with a market share of 40.3%, up from 38.7% a year earlier, and has also taken the top spot in the deposit market with a 29.2% market share, compared to 27.9% the previous year. These figures reflect the growing trust customers have in BRED Bank Vanuatu.
These results are a source of legitimate pride for Darryl Constantin, General Manager of BRED Bank Vanuatu, and his teams.
Meeting with Key Players in Vanuatu’s Economy
During his visit, Jean-Paul Julia had the opportunity to meet several influential figures, including Deputy Prime Minister Matai Seremaia, Finance Minister Johnny Koanapo, and Central Bank Governor August Letlet.
Discussions focused on Vanuatu’s promising economic prospects, particularly due to the resurgence of the tourism industry. These exchanges have reinforced BRED Bank Vanuatu’s position to play a crucial role in supporting and stimulating the local economy.
