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Wednesday, February 28, 2007

Banks make more investments and the need for more competition

Banks in Fiji are markedly making more investments into the country with the opening of a branch by Colonial National Bank at Namaka, Nadi, an outlet by Westpac at the University of the South Pacific and with ANZ's million dollar acquisition of a bank at Guam.

With record profits registered by the two largest banks, ANZ and Westpac, for the financial year ended 30 September 2006, this has put them in good stead to be able to make more investment into the economy.

However, with high interest margins and spreads, there is still scope for more competition with the market presumably able to accommodate one or two large players who can help drive competition.

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