The ANZ Bank in Tonga has opened a new retail branch in central Nuku'alofa, in a development project with Fund Management Ltd. that is bringing commercial life back to an area of the capital destroyed in the riots of 2006.

Tonga's King George Tupou V cut the ribbon to commission the new building on the evening of June 26.

General manager of the ANZ Tonga, Arthur Hubbard, thanked the many guests who attended the opening of the new building.

"We lost a branch in the terrible events of November 2006 and we said we would rebuild," he said. "We set out to build a flagship branch and we are proud of it." It followed a number of other investments in Tonga, including the opening of their new ANZ Tonga headquarters at Ma'ufanga in March and an increase in the number of ATMs available.

The single level bank is built on the site of the Star Cinema that was destroyed by fire on November 16, 2006.

Reconstruction project

The CEO of Fund Management Ltd., Robina Nakao said the commercial property was now being leased to the ANZ Bank.

"Our chairman, Alistair Hutchison was key in negotiating this reconstruction project . . . and Fund Management is proud to have provided this fine modern building to the ANZ Bank who have designed it as a standard setting model for the Pacific Islands," said Robina.

"Fund Management and Tourist Services proceeded with this reconstruction with the unwavering faith in Tonga's commercial and economic development potential - property development is a significant part of our business portfolio, and it is with great pleasure that I announce the commencement of the construction of a modern cinema project within the next couple of weeks," she said.

Robina also acknowledged the support of the Governments of Tonga, Australia and New Zealand for their assistance in financing the reconstruction project.

"The continued support of the international and regional banking community is vital to any country to assist trade and stimulate growth. Thus the ANZ Banking Group have an important role to play in this country"

Fletcher Royco, were the design and build contractors.

Challenge

"We would like to warmly encourage all of you, the government and law makers, the banking and finance sector, the business operators, landowners and the People of Tonga, to reflect on our past tragedy, consider the current Global Economic Crisis as a challenge to identify the fresh opportunities presented, and together, we will build a new Tonga that our children can be proud of," said Robina.