Business

HFC Launches Lease Product

Corporate customers, government, non-government organisations and government entities will now have more options as far as lease financing is concerned. This after HFC Bank launched what it said was a
21 Aug 2014 18:58
HFC Launches Lease Product
Carpenters Fiji foreshore development under construction.

Corporate customers, government, non-government organisations and government entities will now have more options as far as lease financing is concerned.

This after HFC Bank launched what it said was a flexible and competitive leasing product. It has been designed for business customers who need finance especially for acquiring equipment and new technology for operations here.

The Lease Finance product was launched yesterday at the locally-owned bank’s head office on Victoria Parade by HFC chairman Tom Ricketts.

Target market

Mr Ricketts said the product, available from yesterday, was developed so the bank would continually match to existing products and are tailor made to specific markets.

“The product is targeted for the business and the public sector as well as state-owned entities,” Mr Ricketts said.

“An additional edge for our leasing products is that insurance cover can be arranged in-house.”

Mr Ricketts added there were also other insurance covers for other lending products which could be negotiated at competitive premiums. “Our deposit, transactional and lending have been within our expectation. This has happened because of the positive response of our customers.” HFC Bank chief executive, Isikeli Tikoduadua underlined the various options and flexibility payments of Finance Lease. “The lessee can insure the property because they’ll be insuring the equipment or if they prefer we can also finance the insurance and can be added onto the loan or lease,” Mr Tikoduadua said.

“And we’ve got our in-house insurance unit that can look after that. We are agents for insurance companies so we can carry out those services.

How competitive?

Mr Tikoduadua believed the product was tailor-made for the market.

“We have compared their (other banks) pricing and the term and we have placed ourselves in a segments which we believe is really tailor- made in terms of flexibility.”

Interest rates

In terms of interest rates and minimum requirement, a business can apply, he depending on cash flow and how well the business is established.

“It (interest rate) can be negotiated also depending on the equipment required and flexibility they will need. It’s on a case by case basis depending on the client.

“Leasing is more geared to an organisation that already established. We’ll look at the track record and how profitable the company has been as well as cash flow.”

Feedback: ranobab@fijisun.com.fj




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