National Provident Fund to become National Bank’s largest shareholder

The Government’s Council of Ministers has decided to sell its majority share in the National Bank to the Vanuatu National Provident Fund.

The Finance Minister Johnny Koanapo, announced in a press conference that the Council of Ministers had decided the government will sell 45 percent of its shares in the National Bank of Vanuatu to the Vanuatu National Provident Fund.

Currently, the National Bank of Vanuatu has three shareholders, the Vanuatu Government holding 70 percent ownership, the Vanuatu National Provident Fund with 15 percent and the International Finance Corporation with 15 percent of shares.

Minister Koanapo says, “Following a Council of Ministers recommendation, on 5 June, the Vanuatu National Provident Fund board approved increasing its share of the National Bank of Vanuatu to 60 percent.”

Mr Koanapo says the development is a sign of “important cooperation” between the Vanuatu National Provident Fund and the National Bank.

The Minister said, the Vanuatu National Provident Fund holding 60 percent of National Bank’s shares will reflect the National Bank’s slogan which is ‘Vanuatu’s own bank’.

Minister Koanapo acknowledged the efforts taken by the Vanuatu National Provident Fund, its general manager and all board members who he said had worked hard to enact the Government’s decision a reality.

“This increased investment by the Vanuatu National Provident Fund means the fund and the National Bank of Vanuatu will continue to join hands to achieve the Government’s national goals,” he said.

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