Executive: Things going smoothly

THINGS are running smoothly since the Teachers’ Savings and Loan Society Ltd (Tisa) acquired the Police and State Services Savings and Loan Society Ltd (Polsav) in 2018.
Tisa chief executive Michael Koisen said Polsav no longer existed and its members were enjoying the same benefits as Tisa members.
“If they went into liquidation, they would have lost K52million of their savings,” he said.
“So we have restored all of that back for them. Now they have access to all our branches throughout the country.
“They are now members of Tisa. In April or May, when we pay out additional interest, they too will also benefit from that.
“They are happy as the whole exercise was about saving the money for those ordinary Papua New Guineans, their mums and dads.
“If they had lost the money, it would have been a major setback.
“That was the main reason we decided to take that step. We took it over in 2018, costing us about K18.8 million to acquire the balance because the balance sheet was deficit.
“But we have turned it around in 12 months.”