New commercial bank to open in March [1]
Wednesday, February 12, 2014 - 17:41
The Pacific International Commercial Bank is expected to open its doors in March as the fifth bank in Tonga.
‘Aisake Tu’iono, a director said the bank will be situated at the Loumaile Lodge in central Nuku’alofa and open in March on a date to be confirmed.
He said the renovation work was still underway and set for completion by the end of this month. “We are aiming that when the bank opens for business we would offer interest rate as low as six-percent,” he said.
The Chinese-Tongan bank venture was awarded a license to operate by the National Reserve Bank of Tonga in July last year.
The main shareholder is a Chinese businessman residing in China Mr Hu, and Princess Pilolevu Tuita. A board of directors will oversee its operation.