The BRED Group is carrying out capital increases of around $70m for its subsidiary BRED Bank Fiji to accelerate the development of its international network in the country.

BRED Bank Fiji Chief Executive, Thierry Charras-Gillot says the investment of new funds will also improve the Bank’s capital position and accelerate its growth in the Fijian market.

Charras-Gillot adds that the doubling of the capital investment by the shareholders demonstrates the growth potential of the Fijian economy.

The capital increase has also put the Bank in a better position to stimulate post-pandemic growth which will help in getting the economy back on track.

Minister for Economy, Aiyaz Sayed-Khaiyum says BRED Bank has played a positively disruptive role in the banking sector since its entry into the Fijian market nine years ago.

Sayed-Khaiyum adds that the injection of new capital is an important source of credit for Fijian businesses that will help fuel growth post the COVID crisis.

He says that it also demonstrates confidence in the Government’s management of the Fijian economy.

BRED Bank Fiji now owns around 7.5 percent market share, which has been grown steadily.