MOVES are afoot in Solomon Islands for the return of a national bank.
Finance Minister Gordon Darcy Lilo said the previous National Bank of Solomon Islands provided rural banking services, which were needed to boost economies outside urban areas.
Lilo was speaking at the 50th anniversary of the Central Bank of Solomon Islands (CBSI).
“[The National Bank] was a symbol of national ownership, a bridge connecting rural communities to modern banking, and a foundation for economic resilience,” Lilo said.
“For decades, it provided the widest network of banking services across our islands, ensuring that even the most remote communities could save securely, access credit, and participate in the economy.”
The NBSI was established in 1981as a joint venture between the Commonwealth Bank of Australia with 51 per cent shares while the Solomon Islands government held 49 per cent.
Lilo said the return of a national bank would ensure financial services reached everyone.
“The re-establishment of NBSI is important for restoring a sense of ownership, strengthening our sovereignty over financial intermediation, and ensuring that financial services are inclusive and meet the needs of our people – especially in rural areas, where access to financial services and affordable credit is difficult.”
The Finance Minister has called on existing financial institutions to make their services affordable and reliable for the nation.
Lilo said the return of the NBSI was not about returning to the past.
“It is about building a resilient financial future – one that complements existing operations,” Lilo said.
In 1994, Commonwealth Bank of Australia sold its 51 per cent stake to the Bank of Hawai’i as part of its withdrawal from Pacific retail banking services.
When Bank of Hawai’i exited the Pacific in 2002, it transferred its shares to the Solomon Islands after failing to find a buyer. But in 2007, the NBSI was sold to Papua New Guinea’s Bank South Pacific.
