11 May 2004

Fiji union plans to set up bank

3:58 pm on 11 May 2004

A major Fiji trade union is planning to set up its own commercial bank to offer services to members and customers at lower fees and interest charges.

The Fiji Teachers Union says it also plans to invest 6 million US dollars in a five-star hotel in Suva to increase income and boost dividends to teachers in years to come.

The union's general secretary, Agni Deo Singh, says their Co-operatives, Thrift and Credit Society has almost 3,900 members with a banking portfolio of more than 6 million US dollars.

The society loans money to members to build homes, buy cars and fulfill other investment plans.