14 Jan 2013

Bid for locally-owned bank in American Samoa

6:07 am on 14 January 2013

The American Samoa governor, Lolo Matalasi Moliga has been approached by some residents looking at setting up a locally owned bank.

Next month, the Bank of Hawai'i will close its operations in the Territory leaving just the ANZ bank in American Samoa.

Bank of Hawai'i announced last year its plans to shut down local operations and concentrate efforts on its core markets in Guam and Hawai'i.

The governor's executive assistant, Iulogologo Joseph Pereira, says the governor has encouraged the local group to speed up its efforts to forge immediate establishment of this local banking initiative.

It's understood that public shares would be offered by the proposed bank similar to what Amerika Samoa Bank, later bought out by the ANZ group, did when it was first established several years ago.