Newcomers to Brunei might be surprised to find that its small but affluent population of 340,000 is serviced by no fewer than nine domestic and foreign banks. In a country roughly the size of the US state of Delaware, a branch is never too far away, with some staying open until 1 Opm on weekdays for late-night transactions. While some banks are focused on specialised niches, such as Citibank's private banking unit, the majority are rolling up their sleeves and pitching for a share of the booming consumer finance market. This is where the competition gets toughest, particularly for selling personal loans and issuing credit cards, which have spread rapidly in recent years.
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