Find Banking and Financial Services expertise in Fiji

There are five commercial banks in Fiji: ANZ (Australia), Westpac (Australia), Bank of Baroda (India), BSP (Papua New Guinea), and Asset Management Bank (Fiji). ANZ and Westpac have the most extensive operations in the country sharing together some 80% market share. BSP which acquired established Fijian bank Colonial National in 2009 is also considered a major bank in the country. Alongside these banks are three credit institutions, Home Finance, Credit Corporation and Merchant Finance, all of which are Fiji-owned.  Including these there are around 30 credit unions which have over 10,000 members. Although Fiji’s banking sector is well developed in comparison to other Pacific island countries, many of the services offered are solely targeted at the business sector, government and the urban population; thus a large amount of the population is not served by the banking industry. Various programmes such as the Financial Literacy Working Group have been established to introduce more people to the formal banking sector.

The Reserve Bank of Fiji is the overall regulator for the Fijian banking system, which has adopted internationally recognised standards for banking such as the Basle Committee on Banking Supervision.

Banks

Fiji has seen continuing growth in its financial system, which has played an increasingly vital role in the economy by mobilising financial savings and channelling these into productive investments. As of 2012 its financial system remained resilient, despite the global financial crisis, in large part thanks to the strong contribution of the banking industry.  The industry is very important for the local economy – the commercial bank’s assets were around 42% of the entire financial system at the end of 2010 and the value of total assets was AUS$4.5b (US$4.7b), around 75% of GDP.  Additionally, the banks are major employers on the islands.  There are five commercial banks in Fiji: ANZ (Australia), Westpac (Australia), Bank of Baroda (India), BSP (Papua New Guinea), and Asset Management Bank (Fiji).  ANZ and Westpac have the most extensive operations in the country sharing together some 80% market share. BSP which acquired established Fijian bank Colonial National in 2009 is also considered a major bank in the country. Alongside these banks are three licensed credit institutions, Home Finance, Credit Corporation and Merchant Finance, all of which are Fiji owned.  With these banks there are around 30 credit unions which have over 10,000 members.  The rest of the financial sector comprises of non-bank financial institutions – the Fiji National Provident Fund, the Fiji Development Bank, Housing Authority, Unit Trust of Fiji, National MBf Finance (Fiji) Limited and insurance companies.

Banking and Financial Services organisations in Fiji
Westpac Banking Corporation