Wales/Westpac Ex-PNG/Pacific Staff Reunion

New Caledonia

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The first bank in New Caledonia was Banque Marchand, a Paris-based overseas bank specializing in the territory, which established a branch in 1871. In 1874, its main shareholders transferred its assets to the newly formed Banque de Nouvelle-Caledonie, which then survived only until 1877
(Skully 1987). In 1876 the bank had a liability to the Bank of NSW of 114,000 pounds supported only by its name and credit. That was reduced to 28,000 pounds by the time the bank failed payment in 1877.


The next bank to enter was the Banque de l’Indochine, in 1888. It became the bank of note issue, a role it retained until 1966.


In 1990 Westpac bought Banque Indosuez's operations in New Caledonia and Tahiti. (Banque de l'Indochine, which later merged into Banque Indosuez, had established itself in New Caledonia in 1888 and in Papeete, Tahiti in 1905. In both places l'Indochine functioned as the bank of issue

until 1966-7.) At the time, Banque Indosuez was the largest bank with about a 30% market share.


In 1998 Westpac sold its operation, which included 13 branches to Société Générale Calédonienne de Banque (SGSB).


Currently there are three commercial banks: SGSB, BNP Nouvelle Calédonie, and CNCE operating in New Caladonia.

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