The General Managers of the National Bank of Vanuatu (NBV) and the Vanuatu National Provident Fund (VNPF) were both excited Monday as they announced that the old Club Vanuatu Building will finally be getting a new tenant.
NBV GM Geoff Toone told an audience composed of staff from the two companies that he expected to be able to occupy the building by January 1, 2020.
For his part, VNPF head Parmod emphasised the importance of generating some revenue from the near-defunct investment, which had seen nearly VT400 million in spending with zero return so far.
This is the latest in Achary’s many reforms, designed to revitalise the Fund’s investment activities. The Club Vanuatu purchase was singled out in the Commission of Inquiry (CoI) Report about the VNPF, in which many aspects of the purchase process and the management of the building were called into question. It was listed as a non-performing asset by the CoI.
The building is much larger than the current NBV headquarters next door. That building, which is also owned by the VNPF, will be repurposed as the VNPF’s primary customer service location in Port Vila. This will provide a more accessible and spacious space for members, he said, and free up much-needed office space for his administrative section.
This won’t be the only place the VNPF and NBV operate side by side. Parmod Achary used Monday’s speech to announce as well that the VNPF will soon be operating member service windows at many of the NBV’s rural locations. A crowd of over 100 joint staff turned out to applaud the announcement and to share a cake featuring the two companies’ logos. Refreshments were also served.