The Central Bank of Solomon Islands, CBSI, has granted a ‘full banking license’ to Pan Oceanic Bank Limited, POBL, making it the first locally incorporated bank to be given the green light to operate in the country.
The decision was made at the CBSI Board of Directors meeting last Thursday.
The CBSI Board approved POBL’s application based on the Bank’s full assessment and Due Diligence report done on POBL over a period of 12 months.
During the assessment period, CBSI received full cooperation from POBL promoters.
POBL has passed the due diligence exercise conducted by CBSI and has satisfied over 97 percent of the conditions imposed by CBSI in the interim license.
The granting of the “full banking license” will allow POBL to acquire its full SWIFT membership, get its Foreign Exchange Authorized Dealers license and conclude its correspondent banking arrangements- critical requirements for any banking institution to operate successfully.
The Central Bank is 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.
In a statement to SIBC News, CBSI is confident the new bank will provide alternative banking services option to the general public as well as serving important industries that are critical to the national economy.
It adds, POBL will be closely monitored as it implements its business plan especially its performances during the initial stage of its operation.