BRED Bank Fiji……..Here to Stay

BRED Bank commenced its operations with its flagship branch in Suva on 3 November and is already having a strong impact. Thousands swarmed the bank’s branch to welcome its entry in Fiji and took part the days festivities.

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BRED Bank opening in style at Tappoo City , Suva
(Photo: BRED Bank)

BRED released its brand, its service culture and its competitiveness with a fresh and energetic team of locals committed to providing fantastic customers service, banking products and services as well as promotions that have received wide applause, appreciation and acceptance.

BRED’s Suva branch which exudes warmth and welcome has been receiving new customers non-stop from the day it opened and the demand for its PREMIUM SAVER Account, by far the best savings account on offer yet as it pays the highest interest rate on savings accounts, has been enormous. In addition, customers who open the account before 31 December 2012 will not pay any service or transaction fee (manual or electronic) whatsoever for as long as they retain the account. This is an unbeatable deal.

Their Hassle Free Home Loan promotional offer too is far superior to any other bank home loan offers. BRED’s 3.99% fixed for one years or 4.99% fixed for two years, no approval fee, no service fee, subsidized legal cost and loyalty bonus provide pricing, features and benefits that are unequalled. If the home loan is more than $200,000, new customers can also get a free 32 inch LCD TV. BRED Bank is inundated with new customer requests to refinance existing home or investment property loans from other financers to benefit from the incredible offer they have presented.

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BRED Bank Suva opens its doors to the public.
(Photo: VTuisawau/Ambassade de France aux Fidji)

Despite just one branch and presence in Suva only, BRED is already making its presence felt very strongly and has shown that they have grit, courage, commitment and capability to be a strong player. They are committed to being bold and different and they are walking the talk. Competitor banks have finally responded by reducing some lending rates for home loans and motor vehicle loans however have not responded to the high deposit rates paid by BRED Bank.

BRED Bank has assumed the purpose and responsibility for providing better banking for Fiji. They recognize that the people of Fiji have taken a keen interest in their banking services and products and are keen to establish a banking relationship to earn better returns on their deposits and save on banking fees and charges. BRED is proceeding with expanding its distribution very rapidly to have branches, ATMs and EFTPOS terminals in all main centres around Fiji. BRED already has internet banking capability for individual and business and is exploring options for smart phone banking capability that suits the business and professional segment.

BRED may be a new bank to Fiji but it is by no means a new or small bank. Established 91 years ago in France, BRED Banque Populaire is a cooperative bank and is the largest regional bank within the BPCE group. It has 121,500 cooperative shareholders and employs 3,827 people. BRED has 905,000 customers. Its Prudential Equity is Euro2,127 million. BRED has banking presence in the Pacific with representations in Vanuatu, New Caledonia and Tahiti as well as investments in Bank of Queensland, Bank of Adelaide and Bendigo Bank in Australia. BRED is also present in Djibouti, Laos, Bangkok and China.

The BPCE group is France’s second-largest banking group with 36 million customers, 8.1 million shareholders, 117,000 employees and 8,000 bank branches. Tier 1 equity is Euro35.4 billion.

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Ambassador & Mrs Montagnier with BRED Bank’s Darryl Constantin and CEO Satish Deb at the opening in Suva.
(Photo: BRED Bank)

BRED’s banking strategy is derived from its slogan “Its All About You” – it is their desire to be caring and empathetic – to listen to and understand the needs, wants and aspirations of its customers and then to see how they can assist. BRED Bank focused first and foremost on creating an internal culture of “Customer First”, “Teamwork” and of committing to “Fantastic Service” - consistently. BRED Bank staff know and understand how they can personally – each of them, make a positive difference in a person’s life. This key differentiation is already evident in their branch in Suva.

BRED’s approach to business is based on focus in core customer segments – Senior Citizens, Business Owners and Executives, Young Graduates in Employment, Professionals in private practice or employment, Civil Servants etc. This approach enables them to understand the main characteristics, lifestyle, wants, needs and aspirations of the segment. With this understanding, BRED is able to provide banking solutions appropriately suited for its customers in that segment. For instance, BRED Bank recognizes the inherent intangible equity value in graduates and professionals or even technically skilled people. This approach enables them to extend credit and banking facilities well beyond normal banking guidelines. They are keen to become the preferred banker for professional people in the fields of medical, finance, IT, infrastructure, communications, business etc. They know what it takes to put faith and value in people.

BRED is innovative and creative, professional and about close relations with people. They recognize and appreciate that for far too long, banking customers in Fiji have been neglected and a void exists with respect to customer expectations and actual service received. BRED is here to fill that void.

BRED also has the required corporate, commercial and international banking capabilities with experienced staff who have local knowledge – of the business environment, the businesses and the business people.

BRED Bank executives are fully aware of their undertaking and the challenges ahead but they are strengthened in their resolve and effort with the unbelievable support that they are receiving.

BRED’s strength is obviously their capital base, global might and presence but they are also very local. They are our own people. They know us, they understand us and they want to serve us.

BRED Bank is worthy of the public’s support to enable them to compete fiercely in bringing the cost of loans, fees and charges down and to provide more respectable interest returns on deposits and savings.

We welcome BRED Bank to Fiji….

Published on 05/08/2013

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