STRONG FINANCE SECTOR
Vanuatu’s financial system is well served by a few banks that are licensed to operate in the country.
Vanuatu boasts one of the strongest finance industry in the region hosting more than 10 banks licensed to carry out operations in the country
VANUATU'S FINANCE SECTOR STRUCTURE
Vanuatu’s financial system is well served by banks. There are 11 banks licensed to operate in the country.
One commercial bank (the National Bank of Vanuatu) is owned by Vanuatu nationals, while three banks (ANZ Banking Group, BRED Bank, and Bank of South Pacific Vanuatu) are subsidiaries of foreign-owned banks. The most recent WANFUTENG Bank - a Chinese-based commercial Bank makes the banking industry more competitive. The remaining seven banks provide international banking services to the people of Vanuatu. The country also has 34 insurance companies and intermediaries as well as a pension fund.
The Reserve Bank of Vanuatu (RBV) serves as the primary monetary authority and regulator of financial institutions in Vanuatu.
Financial development is comparatively high in Vanuatu, relative to other Pacific island economies. It surpassed the regional Financial Development Index average from 2004 to 2015. For instance, the access of households to financial services, in terms of ATM availability and the number of commercial bank loan accounts, surpasses that of most other Pacific island countries.
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