A "hopeless" statement of claim filed by the Pacific International Commercial Bank Ltd (PICB) against the National Reserve Bank of Tonga (NRBT) was struck out by the Lord Chief Justice, who awarded the Reserve Bank indemnity costs in a Supreme Court civil ruling.
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Results for PICB
Tuesday 22 November 2016
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Nuku'alofa, Tonga
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Friday 29 July 2016
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Nuku'alofa, Tonga
The Pacific International Commercial Bank (PICB), a Chinese-Tongan venture, had its license revoked because it failed to honour a business plan and had not submitted an audit report, the National Reserve Bank of Tonga Governor Dr Ngongo Kioa said in Nuku'alofa today.
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Thursday 28 July 2016
Nuku'alofa, Tonga
The National Reserve Bank of Tonga wishes to assure the public that despite the revocation of the banking licence of Pacific International Commercial Bank (PICB) effective from 26 July 2016, the banking system remains sound. While PICB represented a very small proportion of the total banking system, the banks in Tonga continue to be profitable and maintain strong liquidity and capital position.
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