5 Feb 2003

Samoa to get fourth commercial bank

5:46 pm on 5 February 2003

The Samoan finance minister has confirmed that a licence has been issued for a fourth commercial bank to operate in the country.

The Central Bank has not commented on the establishment of the new bank, known as the Samoa Commercial Bank, which has placed a newspaper advertisement to hire staff.

The bank's instigator, businessman Ray Ah Liki, says details will only be made public after the Central Bank has issued a release on the new institution which is expected next week.

The other banks in the country are the National Bank of Samoa and the Australian-owned ANZ and Westpac.