New bank for Tonga

A new commercial bank, the Pacific International Commercial Bank, has been awarded a license to operate in Tonga, according to Matangi Tonga.The bank, the fifth in Tonga, is expected to open its doors in about six months.Chairman of the National Reserve Bank Board of Directors Steve Edwards told Matangi Tonga that the main shareholder is a Chinese businessman residing in China. Princess Pilolevu Tuita is also shareholder while a board of directors will oversee the operation of the bank, including Tongans ‘Aisake Tu‘iono and Mishka Tu’ifua with other Chinese directors, he said. “This is a foreign investment in Tonga and the bank considers there would be a lot of money injected into the economy. The most important issue I am concerned with is the fact that there is no economic activity and we need foreign investment since the economy now is stagnant and stale.”

via New bank for Tonga – Tonga – News – Islands Business magazine.