Another fully locally owned, purely homegrown company is punching above its weight, standing tall among international competitors and churning out numbers that would make any shareholder happy.
HFC Bank has proven that a bank built on good leadership and strong Fijian values can thrive in a competitive market and overcome any odds.
“Our philosophy is simple: True relationship banking that adds value, embraces Fijian culture, and leverages innovation and technology to connect with our people,” HFC Bank chief executive officer Rakesh Ram said in a statement issued by the company yesterday.
Since launching full commercial banking operations 10 years ago, HFC has grown from modest operating profits of $100,000 to over $50 million annually, all ploughed back into the local economy on account of it being 100 per cent locally owned.
HFC Bank is 75 per cent owned by the Fiji National Provident Fund (FNPF) and 25 per cent owned by the Unit Trust of Fiji (UTOF).
In the past three years alone, HFC Bank has distributed over $100 million in dividends and, it added, contributes $15–20 million annually in corporate taxes, on top of personal and indirect taxes, making it one of the highest tax-paying corporates in the country.
“We should all be proud of a local bank that is strong, healthy and performing profitably, as this is the real measure of the financial stability of a bank and quality leadership,” Mr Ram said.
“This provides comfort and security to the Fijian people that their bank is safe and secure and one that directly contributes to the growth and welfare of Fiji.”
The bank is also a strong advocate of building and strengthening local capacity and is operated entirely by Fijian staff, with an average age of just 30.
“We are proud to be a bank run by young and highly talented Fijians,” Mr Ram said.
“Many of our team members are now being recruited by international firms, which is a strong endorsement of the quality and capability we nurture here at HFC Bank.”
Its youthful workforce, comprising mainly of millennials and Gen-Z professionals, is the driver of innovation and excellence across the organisation.
“A true measure of our young local talent cannot be better demonstrated than the recent change in the Bank’s Core Banking System, which was purely managed and implemented by the staff,” Mr Ram said.
As in any business, HFC has also had its share of ups and downs but it has weathered global and local challenges by aligning its operations to “the real values and culture of the Fijian people.”
“As the only local bank, we are bound to be under constant public scrutiny, which is only natural and understandable,” Mr Ram said.
“The bank welcomes scrutiny and feedback, viewing it as an opportunity to grow stronger and perform better.
“The bank remains committed to continuous improvement, innovation and contributing meaningfully to the Fijian economy”.
Now one of the fastest-growing banks in Fiji, “with a significant increase in customer numbers, loans and deposits”, the bank attributes its success “to Fijians choosing to bank locally, which reflects their values and a greater appreciation of the local culture”.
“HFC Bank’s journey is a powerful reminder that success is possible when business is built on authenticity, purpose, people and real leadership,” Mr Ram said.
HFC House in Lautoka. Picture: SUPPLIED
