Credit Corp opens in Vanuatu

By FRANK ASAELI
CREDIT Corp (PNG) Ltd has set up operations in Port Vila, Vanuatu as its third offshore business after successful Fiji and Solomon Islands operations.
Group general manager Robert Allport recently informed the Port Moresby Stock Exchange (POMSoX) that the company had been issued with a licence and approvals by the Reserve Bank of Vanuatu and the Bank of Papua New Guinea.
Operations began last month and the company’s former Lae branch manager Orai Gairo will be the first country manager to head the Vanuatu operations.
He will be only one of the two Papua New Guineans to head an offshore financial institution.
On the July 3, 2007 the Reserve Bank of Vanuatu issued a licence to carry on a banking business as a credit Institution to Credit Corp (Vanuatu) Ltd.
Credit Corp (Vanuatu) will be the company’s third venture offshore after the successful Fiji and Solomon Islands operations and the company should begin trading by the end of the year.
Barry Hanson, Credit Corp (PNG) acting chairman, said at a group level, he expected another strong result for this year with a healthy increase in profit and dividend growth.
Credit Corp recently released its half year results to June 30, 2007, showing a 641.7% increase in half year profits to K53.329 million.