Question 1

What is Pan Oceanic Bank?

Accepted Answer

Pan Oceanic Bank (POB) is the first and only locally incorporated commercial bank in the Solomon Islands. As a proudly Solomon Islands-owned institution, POB is a full-service commercial bank offering retail banking, commercial banking, international trade finance, and digital banking services.

Since its establishment, POB has rapidly achieved organic growth in the domestic market, distinguishing itself as one of the country's top-performing banks. The bank's strategic focus centers on financial inclusion, aiming to bring all people of the Solomon Islands into the formal banking system while empowering the Micro, Small, and SME sectors.

Question 2

When was Pan Oceanic Bank founded?

Accepted Answer

Pan Oceanic Bank was founded in July 2014, officially launching operations on July 11, 2014. The bank was incorporated under the Banking Act of the Solomon Islands and received its full license from the Central Bank of Solomon Islands (CBSI) on April 22, 2014.

The bank was established with the vision to create a truly local banking solution for the Solomon Islands, with its board of management and all decision-making processes conducted locally. The original CEO, Mr. Nihal Kekulawela, led the bank's establishment with over 25 years of international banking experience, supported by a senior management team with a combined banking experience of over 400 years.

Question 3

Where is Pan Oceanic Bank headquartered?

Accepted Answer

Pan Oceanic Bank is headquartered in Honiara, the capital city of the Solomon Islands, located in Guadalcanal Province. The bank's head office is situated at Floor 1, Suite 220, Hyundai Mall, Mendana Avenue, Honiara.

This central business district location provides accessible banking services to the residents and businesses of Honiara and serves as the operational hub for the bank's nationwide activities.

Question 4

Where does Pan Oceanic Bank operate?

Accepted Answer

Pan Oceanic Bank operates throughout the Solomon Islands, with its primary operations based in Honiara. The bank has developed its systems infrastructure to extend banking services across the Solomon Islands, aiming to connect all corners of the country to one unified financial system.

POB has strategically positioned itself to reach remote and underserved areas through its integrated banking platform, including mobile banking solutions that leverage the high penetration of mobile devices in Solomon Islands society. The bank's vision is to take "banking without boundaries to each and every corner of the country," ensuring financial inclusion for all Solomon Islanders regardless of their location.

Question 5

What services does Pan Oceanic Bank offer?

Accepted Answer

Pan Oceanic Bank provides a comprehensive range of banking services designed to meet the diverse needs of individuals and businesses:

Personal Banking: Savings accounts, fixed deposits, personal loans, and specialized savings programs for youth, adults, and various age groups to enhance financial literacy and habits.

Commercial Banking: Business accounts, commercial lending, SME financing, and corporate banking solutions tailored to support business growth and development.

International Trade Finance: Trade finance solutions, import/export financing, letters of credit, and documentary collections. POB holds a significant market share in the country's export business and provides competitive foreign exchange services for importers.

Digital Banking: Mobile banking applications for iOS and Android platforms, USSD-based SMS banking, internet banking, online account management, and mobile wallet integration. The bank offers features including account balance viewing, transaction history, internal and external transfers, bill payments, and utility bill payments for services like Solomon Power and telecommunication top-ups.

Money Transfer Services: Partnerships with international money transfer services including RIA Money Transfer, enabling Solomon Islanders to send and receive funds globally with competitive exchange rates.

Treasury and Financial Markets: Foreign exchange services, treasury management, and financial market solutions for corporate clients.

Question 6

What makes Pan Oceanic Bank unique?

Accepted Answer

Pan Oceanic Bank stands out as the only locally incorporated commercial bank in the Solomon Islands, making all its decisions locally with a deep understanding of the country's banking and financial needs. This local ownership model ensures that the bank's investments and strategies are entirely focused on Solomon Islands' development.

Financial Inclusion Champion: POB's primary mission centers on ensuring that every person in the Solomon Islands has access to banking services. The bank has developed innovative partnerships, including serving as the banking partner for Solomon Telekom's M-Selen mobile money services, demonstrating its commitment to expanding financial access.

Sustainability Focus: The bank has integrated Environmental, Social, and Governance (ESG) principles into its operations through a comprehensive Sustainability Policy. This approach emphasizes triple bottom line value creation across economic, social, and environmental dimensions, making POB a leader in sustainable and green finance in the Pacific region.

Advanced Technology Platform: POB invested heavily in state-of-the-art IT infrastructure from its inception, creating what it describes as "the best integrated banking platform in the country." The bank's systems are designed to connect all Non-Bank Financial Institutions (NBFIs) in the country, creating a seamless financial ecosystem.

International Trade Leadership: As the leading international trade bank in the Solomon Islands, POB links local exporters to global markets while leveraging its export business market share to provide favorable import financing, ultimately reducing import costs for all Solomon Islanders.

Question 7

What type of financial institution is Pan Oceanic Bank?

Accepted Answer

Pan Oceanic Bank is a Commercial Bank licensed and regulated by the Central Bank of Solomon Islands (CBSI). As a commercial bank, POB is authorized to accept deposits from the public, provide lending services, and offer a full range of banking products to both retail and corporate customers.

The bank operates as a privately held institution incorporated under the Companies Act of Solomon Islands 2009. With its full banking license granted under the Banking Act of the Solomon Islands, POB functions as a universal bank serving individuals, small businesses, SMEs, and large corporations across all sectors of the Solomon Islands economy.

Unlike international banks operating in the Solomon Islands, POB is distinguished by its local incorporation status, making it the only domestically owned and operated commercial bank in the country.

Pan Oceanic Bank

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About Pan Oceanic Bank in the Solomon Islands