B’ville helps NDB set up local branch

 By SHIRLEY MAULUDU

THE Autonomous Region of Bougainville (AROB) government has chipped in K3 million to assist the National Development Bank (NDB) to open  a branch in Bougainville, lending division executive manager Trevor Cain said.

He said AROB government had recognised that security for loans was an issue following the Bougainville crisis.

He said AROB had offered K3 million as seed capital for initial security deposit.

“This equity will be provided to NDB to secure loans for customers who do not have other forms of insurable security.” 

Cain said NDB was finalising a branch plan in Bougainville.

He said the bank (NDB) was also organising an official opening once everything was ready and the AROB government president was available. 

NDB was using an office in the building owned by trade and industry. 

NDB said the renovation of the said office continued, with the branch office almost complete. 

Meanwhile, Cain said NDB had decided to open a branch in Bougainville after a growing public demand for banking services. 

“We received many requests to begin operations in Bougainville and in May 2013, the management spent a week in Buka checking out locations including Arawa,” he said.