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National Retirement Benefit Fund Board takes up 15 per cent share at Tonga Development Bank

Radio & TV Tonga, Nuku’alofa, 29/08/2018

Ministry of Finance has approved the National Retirement Benefit Fund Board to take up 15 per cent unsubscribed share at Tonga Development Bank.

National Retirement Benefit Fund Board will subscribe to the 15 per cent authorised share capital of the TDB.

In the past, the Government of Tonga was the only shareholder in the Tonga Development Bank.

During the Special Meeting of the Shareholder, they endorsed the Tonga Development Bank Amendment Bill 2018 to be submitted to Cabinet and the Legislative Assembly to allow changes.

This will include the Cabinet decision that TDB is no longer under the Public Enterprises Act and change in the Ministerial responsibility for the Bank to be with the Ministry of Finance.

The restructure will enable the Bank to expand its customer base and to improve its services and the benefits to the shareholders.

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