The Tonga National Reserve Bank has this week given the green light for the Pacific International Commercial Bank to operate in Tonga.
A Chinese businessman who lives in China was said to be the main shareholder. There are other 5 Chinese investors involved.
Saia Moehau, one of the business partners reportedly said in the month of March that other Tongan business partners include Lady Robin Tu’ivakano Kaho, Mishka Tu’ifua, Mele Fonua and Mahe’uli’uli Tupouniua.
The Tonga China Friendship Association (TCFA) applied for a licence in March to allow the new bank to be registered and that it be established at the hub of the capital city Nuku’alofa along Taufa’ahau Road.
The new bank is expected to be opened to the public in about 6 months from now.
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