Central Bank has issued its first interim banking license to a Sri Lankan-owned company to operate the country's fourth commercial bank.
A statement from the Bank today says it has granted an interim banking license to Pan Oceanic Bank Limited to carry out banking business in Solomon Islands.
The license was issued on the 5th September 2013.
CBSI states that the Pan Oceanic Bank Limited is a domestically incorporated financial institution and will be the fourth commercial bank to offer banking services to the public by 2014.
CBSI says under the conditions of an Interim License, Pan Oceanic Bank Limited is not allowed to provide any banking business to the public until it meets certain conditions as set out in its interim license, before the full banking license is granted to the bank.
CBSI says that it is so far pleased with the progress Pan Oceanic Bank Limited is making towards meeting these conditions under the interim license.
It is understood that the new bank Pan Oceanic Bank Limited was registered in Solomon Islands by a Solomon Islander on behalf of two men from Sri Lanka.
Source: SIBC