A four-member team representing an Asian investment group is expected in the Marshall Islands this week to finalise arrangements to establish the First Micronesia Bank.
The Marshall Islands banking commissioner said the application process was nearly completed and a branch could be open by the end of the year.
Once established in the Marshall Islands, the First Micronesia Bank also plans to establish a bank in Palau.
Our correspondent in the Marshall Islands, Giff Johnson says the bank will offer a number of services.
"It's going to be a full commercial bank with loans and deposits and so forth. I think they look at Majuro as there are now only two banks operating there are opportunities in with only two banks it probably gives them room to maneuver and try to get in with a piece of the business that those banks are currently have."
