CBSI DENIES GRANTING INTERIM LICENSES TO BANKS

The Central Bank of Solomon Islands. Photo: Courtesy of CBSI.

The Central Bank of Solomon Islands. Photo: Courtesy of CBSI.

The Central Bank of Solomon Islands has disassociates itself from granting any interim license to the Pacific Alliance Bank Limited, PAB, to conduct business in Solomon Islands.

This came in light of media reports that CBSI has granted an interim license to the bank to do business in the country.

A statement from CBSI today described this as “misleading”, saying it has received an interim application and application fee from PAB, but the fee is non-refundable, as it is yet to complete its full assessment of the application.

The bank adds, the assessment on PAB’s application and the proposal is at its early stage, and it is premature to speculate that the bank is heading here, as the whole process of application assessment will be done within 60 days.

SIBC News understands both the Pacific Alliance Bank Limited and Pan Oceanic Bank, POB have applied for banking licenses to operate in the country.

Meanwhile, the statement said although it has received interim license applications from PAB, the Bank is yet to complete its full assessment of the application.

CBSI further disassociates itself from reports suggesting that Pan Oceanic Bank is having problems with establishing correspondent banking arrangements.

It adds they are continuing to receive monthly updates from POB and to date, satisfied with the progress POB is making to establish operations in the country.

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