Tisa’s assets growing: Exec

Business
Source:
The National,Monday July 4th, 2016

THE Teachers Savings and Loan Society has an asset-base of K570 million, a director says.
William Varmari, representing New Guinea Islands region on the Tisa board, said the society’s asset-base grew from K3 million in 1972 to K75million in 2002 – 4 per cent over 30 years.
From K75m in 2002, its asset base grew to K570m last year – a 660 per cent over 13 years.
Varmari announced the figures during launching of the Tisa Community Finance last Thursday.
“Teachers originally joined the Public Services Association of PNG until 1972 when they decided to form their own society,” Varmari said.
“It was driven the teachers association and named PNG TA Savings and Loans Society Limited.
“The first office was built on Mokohara Road at Waigani, within that first year, we had 800 members.
“Later, it changed its name to Teachers Savings and Loans Society in the early 80s, which was followed by the opening of regional offices.
“The first one was in 1981 in Rabaul, followed by Lae and Goroka.
“Also in the 1980s, Teacher Haus in Lae was purchased.
“In 1995, TISA purchased Haus Tomakala on Sir John Guise Drive in Waigani and changed its name to Haus TISA. In 2000 to 2002 the society was placed under administration. A new board was elected in early 2002, followed by the appointment of a new chief executive officer.
“In 2006, TISA acquired Pan Asia Pacific Assurance and changed its name to Capital Insurance Group.”
“We now have 16 branches in PNG, online with our retail banking system, supported with local decision making authority systems.”