History
View the history of Tonga Development Bank through the years by clicking on one of the years below.
2021
January
-TDB was approved to be the Delivery Partner for Green Climate Fund.
-Re-opening of the ‘Eua Office at its original location after it was damaged by Tropical Cyclone Harold in April 2020.
-Our first Virtual AML Audit conducted by AML Solution, a NZ based company.
May
-Preparation for establishment of both Niuas Banking Agencies as Government reinstates its Sub-Treasury operations.
-Chairman, Lord Matoto announced his intention to retire as the Chairman of the Board towards end of June 2021 or alternatively end of August 2021. Also recommending Paula Taumoepeau to be the acting Chairman of the Board.
2020
July
-Our first subsidiary—’Ave Pa’anga Pau TDB Limited now separated from the Parent Company to operate on its own.
October
-Signing of the agreement with the Government on the extension of the Government Development Loan to be managed by the Bank for another 5 years.
-Informed by NAB on closure of our corresponding banking relationship. The search for a new corresponding bank begins.
2019
May
· Retirement Fund Board (RFB) purchased 0.75m shares at $10 per share
June
· Appointment of Mr Kaho V ‘Ofa as a new director representing the new shareholder RFB.
· Resignation of Dr Leimoni Taufu’i as director and replaced by Ms Meleseini Lomu as director representing NRBFB
2018
“The Bank has weathered many storms in its history and with the positive growth forecasted, the Board is firmly of the view that it is well-positioned for greater success in the future.”
Net Profit After Tax increased as a result of increased revenue and cost controls, finishing the year strongly at $2.4m compared to $1.4m in 2017. The major contributors to the revenue were interest income, service fees, net foreign exchange fees and tight controls on expenses.
2017
“TDB achieving its 40th anniversary
“TDB achieving its 40th anniversary this year is a biblical milestone as it has undergone transformation, achieved continued growth, expanded its products and services and now a commercial bank to continuously serve the public’s banking needs successfully in the long run”
Appointment of Ms Loi Turanga Mateiwai as the Chief Finance Officer replacing the retired Mr Hasiloni Fungavai after 30 years serving the Bank
Launching of our own unique online Tonga remittance product, ‘Ave Pa’a’nga Pau in February.
2016
Ave Pa’anga Pau
2015
Expand business services to offering of Cheque account, Overdraft, Foreign Exchange, Online Banking through 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 only 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 36 years of providing Development Banking Services to the Kingdom of Tonga.
2012
Celebrating 35 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 34 years of providing developing banking services to the Kingdom of Tonga with 3 senior staff promotions.
- Mrs Leta Havea Kami from DMD – Operations to DMD – Risk Management.
- Mrs Seini Vaiola Movete from M – Lending to DMD – Operations.
- 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 30 years of providing development banking services to the Kingdom of Tonga.
2006
Reaching out of computer-technology services to the niuas. Mr. ‘Otenifi Afu’alo Matoto retired as Managing Director on 29 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 25 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.
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%.
