DFCC Bank of Sri Lanka will expands its expertise to Solomon Islands by arranging to establish Pan Oceanic Bank (POB) which will be supported by the DFCC bank facilitating the establishment of correspondent banking relationship through its subsidiary Synapsis Limited. According to a foreign report the bank will be open for the public from March 2014.

According to the report a statement issued by the Central Bank of Solomon Islands (CBSI) said that it has provided the POB an Interim banking licence on the 5th of September 2013 to carry out their banking business in Solomon Islands.

Chief Executive Officer (CEO) of POB, Nihal Kekulawala has said that Solomon Islands is in need of a financial institution that acts as an agent of development.

According to Kekulawala through the licence they will be the fourth commercial bank to operate within the islands and will be able to provide the islands with financial services when full approval is given.

According to the report CBSI POB will gain full approval once it meets certain conditions put forth by the CBSI and is satisfied by POBs efforts to meet this conditions so far. Kekulawela said that POB hope to service all sectors and business operations, he says that the task will be efficiciant as they are purely driven by the overall needs of Solomon Islands and is focused around the Islands dynamics and future expectations.

He also claims that POBs main goal is to unlock the islands economic potential and attain a good profit since inception. Required systems and the establishing of the process necessary for a good start is done the Global Management Consultants Ltd Sri Lanka (GMC). The report stated that this consultancy team is formed to cater to the pacific region. According to the report GMC has been working on this project for a year to get POB to the licencing stage.

The Banking statement highlights that POB will be also supported by MBanx system which a core banking platform which has the capability of taking on large bank operating platforms.

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DFCC branches out to Solomon Islands through POB