5 Apr 2012

Customers concerns spark review of banking services in Niue

8:59 am on 5 April 2012

The Niue government is reviewing banking services following complaints about the island's only commercial bank, Bank South Pacific.

The Bank itself has approached the government with its own concerns but the Premier, Toke Talagi, says he cannot say whether it has sought financial assistance to maintain operations.

Mr Talagi says the review, involving banking experts from New Zealand, will take place over the next two or three months.

He says it is too early to say whether Bank South Pacific will maintain operations on the island, and that it is primarily about determining whether Niue is getting the best banking services available.

"This is something the government has been looking at for some time. It needs to review its banking services and it's not a reflection of, necessarily, the Bank of South Pacific. We need to determine whether we are getting the best services possible from the institutions we have on the island at the present time and is there a way we can improve that."

Niue's Premier, Toke Talagi.