History

History

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View the history of Tonga Development Bank through the years by clicking on one of the years below.

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  2015

Expand business services to offering of Cheque account, Overdraft, Foreign Exchange, Online Banking thru the Bank’s new Web Site and Inward and Outward Telegraphic Money Transfer.

  2014

TDB extends no repayments, interest and fees by another 3 months

All loans repayments in Ha'apai, to the Tonga Development Bank, were on a three-month deferment till March 2014 due to the devastating damages caused by Tropical Cyclone Ian. After a careful assessment of the current situation, borrowers who were repaying through cash will be extended for further 3 months until end of June 2014. The salary earning clients will resume normal repayments in April 2014.

Interest Charges and fees are continued to be waived, during these additional 3 months for our cash repayment customers. This additional assistance to Ha'api Cash payment customers cost more than $20,000 totalling to more than $100,000 for these 6 months.

"We created a repayment moratorium to help our customers who were struggling after Cyclone Ian and now we're allowing them to make those payments over an extended period of time," said Mr Hasiloni Fungavai, Acting Managing Director and CEO of Tonga Development Bank. "We will automatically adjust their loan with no documentation required and at no cost to them."

He said that the additional three-month deferment and continued waiving of interest charges and fees is our way of easing the crushing burden being faced by impacted borrowers who do not earn regular salary, as we work to rebuild Ha'apai after Tropical Cyclone Ian damages.
Meantime, as the onyl Bank with physical presence throughout all the island groups in Tonga, we will continue working closely with the people of Ha'apai during this very difficult time," Mr Fungavai said.

Affected borrowers in need of more information are urged to contact the Ha'apai Branch on 774-7089 or 875-8644; 60-333 or 60-334. Also, Head Office support available on 23-333.

  2013

Opening of the Hihifo District Office on the 27th of November in Nukunuku - Tu'ivakano Poutele Hall

Celebrating 36th years of providing Development Banking Services to the Kingdom of Tonga.

  2012

Celebrating 35th years of providing Development Banking Services to the Kingdom of Tonga.

  2011

In September, Mr John Bath Manager Risk Management and Board Advisor completed 12 years significantly contributed for the rebuilding of the bank. John will be remembered as " Mapaki e Fa kae kei 'Alaha" for what he has done to the banks staff, portfolio and productivity. John and Margaret returned to their homeland Wellington, NZ.

Staff also celebrated 34th years of providing developing banking services to the Kingdom of Tonga with 3 senior staff promotions.

  1. Mrs Leta Havea Kami from DMD - Operations to DMD - Risk Management.
  2. Mrs Seini Vaiola Movete from M - Lending to DMD - Operations. 
  3. Mr Sitino Maka from Manager - Loans to Manager - Lending.
  2010

The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) announced Tonga Development Bank as the winner of its two (2) projects under the Catergory 8: Development Finance-led Poverty Alleviation. The project entries by Tonga Development Bank were “New Zealand Borrowers’ Diversification Fund (NZBDF)” and “Micro Lending Product” and were equally named as winning projects.

The award was given at the ADFIAP Awards Night during the 33rd ADFIAP Annual Meetings in Vancouver, Canada on the 10th May, 2010.

  2009

Counseling of Micro Credit Lending aimed for individual or group of varies sectors with inadequate security assets maximum loan amount at one time is $2,000 with conditions applied.

  2007

Celebrating 30th years of providing development banking services to the Kingdom of Tonga.

  2006

Reaching out of computer-technology services to he niuas. Mr. ‘Otenifi Afu’alo Matoto retired as Managing Director on 29th September 2006 after seven years and of successfully leading the bank. Afu’alo’s successor is Mr. Simione Sefanaia who was the Deputy Managing Director Operations of the bank.

  2004

Implementation of the bank’s new corporate system upgrade from FACTS to the ULTRACS retail banking software.

  2003

Reviewing and selecting the bank’s new corporate system, (loan & accounting system).

  2002

Celebrated 25th years of providing developing banking services to the Kingdom of Tonga.

  2001

Registered under the company act 1995 as a limited liability company.

  2000

Hahake representative office was opened for business on 1st of October and later became a branch in 2002.

  1998

Bank of Tonga, now Westpac Bank of Tonga, sold all its shares to the Tonga Government. The Government is the sole shareholder.

  1997

Took over Bank of Tonga operations at Niuafo’ou in 1997.

  1994

Took over Bank of Tonga operations at Niuatoputapu in 1994.

  1993

Tonga Development Bank opened the bank staffed agency in Niuafo’ou and later became a branch in 2002.

  1988

Computerisation of the bank’s accounting system.

  1987

His Majesty King Taufa’ahau Tupou IV officially opened the Vava’u branch’s new office building on 14th September 1987.

  1985

The representative office in Niuatoputapu was opened during the year and later became a branch in 2002.

  1983

His Majesty King Taufa’ahau Tupou IV officially opened the Tonga Development Bank head office building in Nuku’alofa on 1st March 1983.

  1982

‘Eua representative office was opened for business in August and later became a branch in 2002.

  1981

Ha’apai representative office was opened for business during the year and later became a branch in 2002.

  1979

Vava’u representative office was opened for business in the early part of the year and later became a branch in 1995.

  1977

Established under the Tonga Development Bank Act 1977 and opened for business on 1st September. Tonga Development Bank Operated from a rented office situated at the Free Wesleyan Church of Fasi-moe-Afi building with only eleven staff. The bank was also registered as a limited liability company. Shareholders were Tonga Government 90% and Bank of Tonga 10%.

 

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