Credit Corp Continues To Grow In Fiji
Credit Corporation (Fiji) Limited, an asset financing company owned by Papua New Guinea-based Credit Corporation Group, is continuing with growth and successful results.
This is thanks to the leadership of managing director, Peter Dixon and his team who have built continuous growth. Plus positive government policies.
“We are encouraged by the very good economic trends which have emerged in recent years through some positive government initiatives,” Mr Dixon said.
“In particular, the initiative to embark on a major capital works programme to rehabilitate roads and bridges across Fiji has provided a major shot in the arm for many sub-contractors we deal with and provide our business with good financing opportunities.
Credit Corporation (Fiji) Ltd is wholly owned by Credit Corporation (PNG) Ltd, whose major institutional shareholders are National Superannuation Fund Ltd, Nambawan Super Ltd and Teachers Savings and Loan Society.
“There has been a move by a number of sub-contractors to upgrade vehicle fleets and plant and machinery on the back of more certainty of regular and significant contract revenue associated with this program.
“Hopefully more of these major economic impact projects ahead post-elections, which will serve to fuel business opportunities and employment growth and in turn have a positive impact on our business.”
Credit Corporation (PNG) Limited commenced business in 1978 as a general finance company. It has grown successfully to become recognised as one of Papua New Guinea’s most progressive institutions.
Credit Corporation (PNG) Ltd commenced business in 1978 as a general finance company and has grown successfully to be one of the South Pacific’s most progressive financial institutions.
The company also holds a significant shareholding in Bank South Pacific.
How would you describe Credit Corporation (Fiji) Ltd’s business activities in Fiji and its presence in the region ?
The company operates as a licensed credit institution in Fiji and its major focus is on the provision of asset finance for the acquisition of motor vehicles, heavy machinery and plant and machinery for business in addition to finance for personal requirements. Term deposits are also offered at competitive rates. Credit Corporation has a significant footprint in the region also operating finance companies in PNG, the Solomons Islands and Vanuatu.
Please provide a synopsis of CCFL’s performance over the past financial year?
Despite a very competitive and at times challenging business environment, we returned a very sound profit in 2013 and we are on track for a pretty good 2014 on the back of stable economic conditions.
Whilst in ways our Fiji operations are seen as the small brother to our PNG operations, our contribution to the group’s result is meaningful.
CCFL specialises in providing a range of financial products and services. Could you please elaborate on them, are there any new or specially tailored financial products that CCFL recently rolled out ?
Of note was the relatively recent introduction of a variable rate commercial loan product giving the business borrower a longer term, more flexible option to fund business expansion.
And your capacity as the Chairperson of Finance Companies Association ?
The Finance Companies Association has a very close and cordial working relationship with the RBF our regulator and we thank them for their understanding and practical approach in terms of working together to address issues relating to our industry.
What sort of competition are you facing from the commercial banks?
There has been an aggressive move by the commercial banks into the asset finance area in the last 2-3 years.
‘This has provided unprecedented competitive pressures in a market which many would consider to be over-serviced.
However we understand that these things ebb and flow depending on the changing risk appetite of the commercial banks.
In the face of growing competition our experienced team we will continue to do what we do best and provide efficient and responsive service to our customers. We are in this business for the long haul.
What sort of challenges are you facing? unique concept?
The dual challenges of operating in a very competitive market and one where a relatively high level of regulatory compliance exists, presents major challenges to our business.
It is to be hoped that as the Fiji economy moves forward into a new chapter that regulatory controls are lessened and market forces are allowed to play a greater part.
What areas are you focusing on to take advantage of the opportunities arising?
The company to continue to improve on and diversify its suite of products and services to meet the changing market demand.
What is the best advice you received?
Banking and finance is simple stuff…it’s just about buying and selling money. Its the people that matter.
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