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TOP-5 Banks in the South Pacific Islands

The South Pacific is a large location that is composed of several islands. Generally speaking, it is made of three main islands, which are categorized as Micronesia, Melanesia, and Polynesia. Each region differs from the other in terms of traditions, culture, and language. Likewise, there are a variety of banking institutions that allow for financial activities. In no particular order, the top-5 banks in the South Pacific Islands are discussed below.

Bank of Baroda

Bank of Baroda is a bank that is native to the country of India. It was initially established in 1908 by Sayajirao Gaekwad III. In 1969, the bank was nationalized by the Indian Government along with other banks. Before then, in 1961, the Bank of Baroda opened a branch in Fiji, which is a South Pacific country.

Since the Bank of Baroda started operations in Fiji, it has opened over 8 branches across 300 islands. The bank offers its clients a wide range of banking services for both individuals and corporations.

Bank of South Pacific

The Bank of South Pacific is amongst the biggest indigenous banks in the South Pacific Islands. The bank operates out of Papua New Guinea. It has over 30 branches within the island country and a handful of other nations. The bank was first established in Port Moresby – the capital of Papua New Guinea – before independence in 1957.

Since its establishment, the Bank of South Pacific has grown to serve over 500,000 clients across the Pacific. The bank also has a total asset with a value that exceeds $4 billion. Bank of South Pacific is listed on both the Port Moresby and the Australian Stock Exchanges.

National Reserve Bank of Tonga

Established in 1989, the National Reserve Bank of Tonga is the apex bank within Tonga. The bank is saddled with the responsibility of providing monitory and regulatory guidance to banks and other financial institutions within Tonga. In addition, the bank supervises and issues licenses to financial institutions in the country.

In Tonga, the National Reserve Bank of Tonga issues the national currency of Tonga. It also regulates the handling of international currencies within the country. This bank belongs to a handful of organizations including the Alliance for Financial Inclusion.

Reserve Bank of Vanuatu

Reserve Bank of Vanuatu was established in 1981. It is the central bank of Vanuatu. Before called the Reserve Bank of Vanuatu, the bank was referred to as the Central Bank of Vanuatu before independence. The bank, like all other apex banks, is responsible for the maintenance of Vanuatu’s currency – Vatu. The introduction of Vatu by the central bank replaced the use of other foreign currencies within the country.

Banque de Polynésie

Banque de Polynésie (Bank of Polynésie) began operations in 1973 in the South Pacific Island of French Polynesia. It has its headquarters in Papeete. All across French Polynesia, the bank employs over 300 workers with over 20 branches and over 20 ATMs. Banque de Polynésie was initially established by First National City Bank. However, it was later purchased by First National City Bank.

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