UPDATES: The new Pacific International Commercial Bank to operate in Tonga in six months is owned by a Chinese business millionaire named as Mr. Jinhua Hu.
The license for the bank to operate was just approved by Tonga National Reserve Bank this month.
Mr Hu deposited a starting capital of $8 Million dollar before the TNRB approved his license.
The Board of Directors will be chaired by Hu’s daughter Tiantian Hu. Other members are Hon Princess Pilolevu Tuita represented by ‘Aisake Tu’iono, Mishka Tu’ifua and the rest will be Hu’s children.
Saia Moehau said the new bank will operate from his hotel known as Loumaile Lodge in Nuku'alofa.
The new bank is expected to be opened to the public in December.
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