Wate says it’s a credit institution, not a bank - Solomon Star News

Wate says it’s a credit institution, not a bank

29 January 2018

THE Solomon Islands National Provident Fund’s (SINPF) proposed credit institution will be called Providence Investment Corporation (PIC).

General Manager, Mike Wate clarified this to the Solomon Star last Friday.

Mr Wate said strictly the proposal is not a bank, but a credit institution giving out loans only.

He said the proposal is already with the Economic Reform Unit in the Ministry of Finance and Treasury to assess it.

This happened after new Finance Minister, Manasseh Sogavare had agreed to consider the SINPF investment proposal.

Wate said once the investment approval is granted by the Minister, the new corporate body will then apply to the Central Bank of Solomon Islands (CBSI) for a credit licence, who will then do its own assessment when considering the application.

Furthermore, Wate said home loans will be part of the PIC as well.