The Retirement Fund Board has taken up 15% of authorized shares in Tonga Development Bank.
The two institutions signed a Deed of Agreement in relation to the sale and purchase of shares in the TDB.
The Tonga Development Bank (Amendment Act) 2019 recently passed in the Legislative Assembly will formalise by necessary legislative changes of the Cabinet decision that TDB is no longer under the Public Enterprises Acts and the change in the Ministerial responsibility for the TDB to be with the Ministry of Finance (MOF).
The Tonga Government as the major current shareholder in TDB has also adopted amendments to the Articles of Association in order to enable the restructuring of the capital base of the bank, changes in administration and expansion of services.
This restructuring will enable the Bank to expand its customer base and improve its services to its customers, people of Tonga and benefits to the shareholders.
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