New Solomon Island Bank Surprised By Early Success

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Overwhelming response attributed to liberal policies

WELLINGTON, New Zealand (Radio New Zealand International, September 1, 2014) – The Solomon Islands' newest commercial bank, Pan Oceanic Bank, says it's had a resounding response with more than 5000 accounts opened in its first two months.

The Chief Executive, Nihal Kekulawala, says the locally incorporated bank boasts the country's lowest interest rates, and unlike other banks, grants loans to both wage earning and self-employed Solomon Islanders.

Most Solomon Islanders use their superannuation savings in the National Provident Fund as collateral for loans.

Mr Kekulawala says he is surprised at the early success.

"I never expected, or we never expected an overwhelming response like this. We never expected that before we complete our second month we will have more than 5000 savings account holders in our books. Its above 5000, more than 5000 now."

The Chief Executive of Pan Oceanic Bank in Solomon Islands, Nihal Kekulawala.

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