New Caledonia’s Banking Regulations: A Dynamic but Stagnating Industry

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The banking sector in New Caledonia has continued to grow, despite signs of slowing down. According to recent figures, outstanding financial assets held by economic agents in locally established credit institutions reached XPF 780 billion at the end of 2019, an increase of 1.8% compared to 2018.

Net Savings Collection

Despite this growth, the net savings collection gained only 13.6 billion XPF in 2019, a significant drop from the previous year’s contraction of -10.5 billion XPF. This trend is attributed to historically low interest rates and a stagnating economy.

Major Banking Institutions

New Caledonia has four major banking institutions:

Banque Calédonienne d’Investissement (BCI)
Banque de Nouvelle-Calédonie (BNC)
BNP Paribas NCB
Société Générale Calédonienne de Banque (SGCB)

These institutions have a total of 89 agencies across the country.

New Bank for Entrepreneurs

In September 2019, BPI France launched its services in New Caledonia, providing financing opportunities for local entrepreneurs. The bank offers a range of products, including:

Grants
Repayable advances
Loans

to support innovative projects.

Public Investment Firms

Several public investment firms operate in New Caledonia, including:

Nord Avenir
Société de Financement et de Promotion de la Province Sud (Promosud)
Société de Développement et d’Investissement des Îles (Sodil)

These firms promote economic development in their respective regions.

Insurance Industry

The insurance industry in New Caledonia is dominated by:

Allianz Nouméa
Axa France
Le Cabinet Central d’Assurances
Generali
La Maison de l’Assurance

These companies offer a range of products to individuals and businesses.

Conclusion

As the banking and insurance industries continue to evolve in New Caledonia, it remains to be seen how they will adapt to changing economic conditions and regulatory requirements.