NSLS looking to acquire failing savings and loans societies


THE Nambawan Savings and Loans Society (NSLS) will be looking to buy other savings and loans society which are going out of business, says chief executive officer John Solok.
“We are looking at acquiring some strategic savings and loans societies,” Solok said.
“Savings and loans has been here for a while and at the current rate, there are about around nine or 10 savings and loans societies.
“The Bank of PNG (BPNG) will have the figure.
“A lot of (them) are falling off and we see our role in terms of how best can we pick some of (them) to work with and grow our business, providing savings and loans services to the provinces.
“We have the right governance, the right attitude and capacity to growing the business and one of the ways is to work with the Bank of PNG and acquire those savings and loans (societies).”
Solok was speaking during the NSLS annual general meeting yesterday in Port Moresby.
“We have a new investment guide in place to ensure that we improve and increase our return on investment that we want outside of our traditional income streams,” he said.
Chairman John Cholai said there were about 25 to 50 savings and loans that “we know about”.
“Out of that how many are actually existing and running profitably for their members? We want to set ourselves apart, there has to be a difference between what you do and what others do,” he said.