First Locally Incorporated Bank Approved In Solomon Islands

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Pan Oceanic Bank to enhance competition, improve services

WELLINGTON, New Zealand (Radio New Zealand International, April 23, 2014) – The Central Bank of Solomon Islands, has granted a 'full banking license' to Pan Oceanic Bank Limited, making it the first locally incorporated bank to be given the green light to operate in the country.

The Solomon Islands Broadcasting Corporation reports that the decision was made at the CBSI Board of Directors meeting last Thursday.

The CBSI Board approved the Pan Oceanic Bank's full assessment and Due Diligence report done over a period of 12 months.

The Central Bank says it's optimistic that the introduction of another entrant in the banking sector market will enhance further competition and improve banking services to the public and the economy.

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