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Cook Islands Gets New Banking Institution

Cook Islands Government

25 January 2001

This story has been reproduced by kind permission of the Cook Islands Government at http://www.cook-islands.gov.ck

The rationalisation of the Cook Islands Development Bank (CIDB) and Cook Islands Savings Bank (CISB) will give birth to the Bank of Cook Islands (BCI). Cabinet approved the name of the new financial institution last month along with measures to cement the merger process.

A major stamp of approval was the nod given to Unakea Kauvai to take the reins of BCI as Managing Director and returning Cook Islander Terai McFadzien as the Manager of Credit. The latter was once employed by the CIDB before moving to Niue, where she held the position of Managing Director with the Niue Development Bank.

The Board of BCI also got Cabinet's rubber stamp of approval with Vaine Teokotai as Chairman, and Edward Drollett, Harry Napa, August Meyer, and Vaine Wichman as members. Mr. Kauvai will also sit on the Board.

Other management positions will be concluded shortly and a Project Manager will be appointed to oversee and lead the merger. The Board intends to organise a public competition to select a logo for the new bank.

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