Customers could have more banks to choose from after revealing that Chinese investors are expected to be given green light to establish a China Bank in the Island Kingdom of Tonga.
The local Tongan Kele’a Newspaper report says the Tonga China Friendship Association (TCFA), comprised of six Tongans and six Chinese chaired by Hon Princess Pilolevu Tuita, is in the process of lobbying to get the new bank registered by the government and that to be established at the hub of the capital city Nuku’alofa along Taufa’ahau Road.
Tonga currently has two major commercial banks and Saia Moehau, the assistant Chairperson of the TCFA told the paper that this will increase the number of banks meaning more competition to come.
He added that that would lead to better rates and for customers not only to have better services but to move to the best deal.
The initiative was said to be originated by Hon Princess Pilolevu Tuita and the investors are also interested in building six star hotels and airline in the future.