The Vanuatu National Provident Fund (VNPF) has increased its shareholding in the National Bank of Vanuatu following the purchase of VT800 million worth of shares.
A Share Certificate confirming the new 56.03 per cent shareholding in NBV was presented to the provident fund at a ceremony recently.
The Government’s representative and VNPF’s Board Chairman. August Letlet described the development as a very important milestone for Government and both institutions.
Mr Letlet said since NBV’s restructure, the Government has a vision to ensure that NBV must reach out to its people.
“VNPF’s thinking is also aligned to what NBV are doing. This is a strategic move for VNPF towards an alliance that we can see has various benefits, for instance NBV’s network across the archipelago and so this increase in shareholding will have positive outcomes in the future. The biggest benefit is that Members will have easier access to NBV.”
NBV’s Board Chairman, Lindsay Barrett thanked VNPF and the Government for their cooperation and vision and said that despite challenges like COVID-19, both VNPF and NBV are strong and will continue to be strong.
NBV’s Chief Risk Officer, Maissa Alatoa said VNPF’s investment will improve NBV’s capital and enhance the bank’s stability, future direction and strategy of the Bank. It re-emphasises the Bank’s slogan, “the People’s bank” and on behalf of the Board, Management and Staff of NBV, they look forward to a fruitful relationship with the Fund.
Ms Alatoa made the comment on behalf of the National Bank’s CEO, Geoff Toone.
The Government of Vanuatu previously held 70% of the issued shares, International Finance Corporation 15% and Vanuatu National Provident Fund 15%.
Photo supplied Caption: VNPF Board Chairman, August Letlet and NBV Board Chairman Lindsay Barrett with the Share Certificate