Westpac Banking Corporation has welcomed competition from a new bank which will be entering the market later in the year.

110 years of service to the economy and Westpac is still confident of raising its market power.

Country General Manager Adrian Hughes says the opening of a new bank indicates the level of confidence investors have in Fiji’s market.

“Facts that other banks are coming is a good thing, it’s about confidence in the Fiji economy and we are confident of the prospects of going forward it’s a good thing."

Bred Bank is likely to open in September.

Hughes adds they will soon be opening another branch in Fiji.