BEING reactive and pro-active has helped Baiduri Bank
Group overcome a difficult and challenging 2010, and an "even more
difficult" 2011, its Chief Executive Officer said.
Pierre Imhof told The Brunei
Times at Baiduri head office in Kiulap yesterday that with the regulatory
changes announced in 2010 (such as credit and loan reforms), it takes time to
be put in place and there is a certain delay on its effect.
"In 2011, from January 1
to December 31, we have felt the full effect of all these which has impacted
our activity," he said.
The year 2010 was already a
difficult time, Imhof said, but 2011 was "even more difficult"
because Brunei still retains a competitive landscape in retail banking and the
full effects of the changes did not help.
"Of course, these effect
us, but we have found ways to find new areas of developments so as not to limit
ourselves," he said.
Giving an example, he said that
Baiduri Bank was the "first by far" to distribute
"internationally recognised debit cards".
"We have been doing that
which no bank had been doing in Brunei for years and years, so we were able to
take advantage as we were already on this market to grow our card business in
the country in spite of restrictions put in place by new regulations,"
said Imhof.
Deputy General Manager Retail
Banking and Branch Network Tii Eng Hui said that with debit cards, they have
seen a double digit growth over 2011. "Spending by debit card has also
been more than credit. And because customers don't need their salary assigned
to us to get a debit card, we have issued a lot more cards this year,"
said Tii.
Imhof added: "We
definitely have the most rewarding Debit Card in Brunei."
The CEO also said that the card
business corresponds to the needs of clients' immediate future. "We will
continue to invest as we have been doing since we have been, for the last 14
years, in the card operations, debit or credit, as we consider it a very safe,
easy and user friendly means of payment for Bruneians," he said.
Tii emphasised that their card
system is fully in Brunei, which includes the internet payment gateway, that is
constantly creating job opportunities for Bruneians.
"Also, we have introduced
the China Union Pay Debit Card, which is popular with frequent
travellers," said Tii.
He claims that as Baiduri is
opening "many" payroll accounts every month, they are getting more
debit sign-up, which isn't limited to new customers.
Other "new
developments" that Baiduri Bank is working on, according to Imhof, is to
take note that Brunei is a country where there is a regular, steady and
accumulation of wealth.
"On one side, people are
talking about Bruneians who are often in debt, but we must also acknowledge
that there is an accumulation of wealth among Bruneians, and we want to offer
these Bruneians a wider range of services and investments. So that is one of
our targets," said Imhof.
The CEO said that although 2011
has been difficult, he is confident they will achieve satisfactory
performances.
"I don't know whether or
not it will be slightly better, equal or lower than last year, but definitely,
there will be satisfactory performance in a very competitive, challenging and
difficult environment," he said.
Imhof believes that their
reactive and pro-active actions is what led to the group winning three
accolades this year: Bank of the Year for Brunei awarded by The Banker; Bank of
the Year 2011 from World Finance magazine; and Company of the Decade Brunei,
also from World Finance magazine. "We have received the award from The
Banker eight times in the past 10 years, which is based on a large extent, on
our financial performance."
He said that the criteria to be
granted the award was based on figures such as gross in business, increase in
number of loans and deposits, profitability, return on equity and assets, and
so on.
As for the World Finance award,
the CEO said that they were more focused on a number of aspects, such as:
variety of products and services offered, which he claims Baiduri is in
well-positioned with offerings of retail, corporate, and consumer finance through
hire purchase.
"World Finance also looks
at our innovation and flexibility. Many innovations have been introduced since
we started operations 17 years ago, which is how we have tried to position
ourselves," he said, adding that as a group, they have achieved a few
"firsts" in Brunei.
Imhof further said that getting
an award may seem easy, but noted that the two organisations attributing the
awards are very "well-known" and "serious".
"Institutions competing for them are reputable and competitive companies.
For example with the World Finance award, Australia's winner was ANZ, whilst in
Malaysia it was Public Bank," he said.
Same goes to The Banker, where
there were about 100 countries representing various banks, and winners were
well-known and reputed institutions.
The Brunei Times
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