Financial Crime World

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Financial Institution Security Measures in New Caledonia: A Dynamic Market with Growing Concerns

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The financial landscape in New Caledonia remains dynamic, but there are concerns that it may be running out of steam.

Growth and Subsidence

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 the previous year. Despite this growth, the market is showing signs of subsidence.

  • The total gross outstanding amount of credits granted to the Caledonian economy increased by 3.6%, reaching a record level of XPF 1,259.6 billion at the end of December 2019.
  • Local credit institutions are contributing two-thirds of this growth, with their outstanding loans accelerating at a rate of 4.5%.

Major Financial Institutions

Four major banking institutions operate in New Caledonia:

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

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

New Bank for Entrepreneurs

A new bank for entrepreneurs, BPI France, was launched in September 2019. This public investment bank finances projects by Caledonian entrepreneurs and offers a range of innovative products and services.

Public Investment Firms

Public investment firms such as:

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

play an important role in promoting economic development in the region.

Insurance Sector

The insurance sector is dominated by:

  • Allianz Nouméa, which is the largest insurance player in New Caledonia
  • Axa France
  • Le Cabinet Central d’Assurances
  • Generali
  • La Maison de l’Assurance

Security Concerns

Despite the growth of the financial market, there are concerns about security measures in place to protect consumers and prevent fraud. The government has implemented various measures to ensure the stability and integrity of the financial system, but more needs to be done to address growing concerns.

Conclusion

In conclusion, while the financial landscape in New Caledonia remains dynamic, it is essential that financial institutions prioritize security measures to build trust with consumers and maintain the stability of the market.