Baiduri Bank
Baiduri Bank is the recipient of the award again this year after holding up extremely well in a environment marked by a sluggish Brunei economy and tough competition from the world’s leading banks.
Baiduri, which has become one of the country’s leading banks since its founding in 1994, posted a record operating profit of Br$26m ($14.9m) for 2002 despite the trying conditions. And it is certain to surpass that milestone this year – its operating profit for the first five months of 2003 was double the level for the same period in 2002.
Originally set up as a bank for corporate clients only, Baiduri is profiting from a wise decision to move into Brunei’s retail banking and credit card markets in 1996. It is 15%-owned by France’s BNP Paribas, with the remaining 85% divided among local shareholders.
One of the country’s first banks to offer internet and mobile phone banking, Baiduri Bank once again demonstrated its forward thinking by introducing a credit card for customers under 18 years old. It expects huge demand for the credit card, owing in part to a high-profile marketing campaign led by the music television broadcaster MTV.
