Baiduri sees steady growth
Sunday, March 11, 2007
THE Baiduri Bank Group is expecting steady growth by consolidating its market leadership, particularly in car financing, corporate banking and SME business banking.
It also also plans to expand its multi-channel distribution network for service delivery, strengthen its foothold in the wealth management business, and to consider business development opportunities in the region, including the financing of large-scale projects leveraging on the expertise of its international strategic partners.
The Baiduri Bank Group released this information yesterday at its Chinese New Year Dinner held in appreciation of more than 1,000 key clients and business partners.
Commenting on the economic climate, Pierre Imhof, Baiduri Bank general manager of said, "In 2006, we have observed significant changes which totally reshaped the financial landscape in Brunei. The promulgation of the New Banking Act and the updating of the Finance Act paved the way for a modern and stronger financial sector in line with the best regulated countries."
The New Banking Order 2006, among other things, requires a locally incorporated bank to have issued and paid up capital of not less than $100 million. Foreign banks operating in Brunei should have issued and paid up capital of not less than $1 billion and a local branch must hold net head office funds of not less than $30 million.
The banks are given one year from the Order's commencement date of March 4, 2006, or such later date as the Banking Authority may decide.
The Brunei Times
It also also plans to expand its multi-channel distribution network for service delivery, strengthen its foothold in the wealth management business, and to consider business development opportunities in the region, including the financing of large-scale projects leveraging on the expertise of its international strategic partners.
The Baiduri Bank Group released this information yesterday at its Chinese New Year Dinner held in appreciation of more than 1,000 key clients and business partners.
Commenting on the economic climate, Pierre Imhof, Baiduri Bank general manager of said, "In 2006, we have observed significant changes which totally reshaped the financial landscape in Brunei. The promulgation of the New Banking Act and the updating of the Finance Act paved the way for a modern and stronger financial sector in line with the best regulated countries."
The New Banking Order 2006, among other things, requires a locally incorporated bank to have issued and paid up capital of not less than $100 million. Foreign banks operating in Brunei should have issued and paid up capital of not less than $1 billion and a local branch must hold net head office funds of not less than $30 million.
The banks are given one year from the Order's commencement date of March 4, 2006, or such later date as the Banking Authority may decide.
The Brunei Times
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