POSB pays $2 million dividend to the government

Chinamasa said government would continue to support the savings bank to ensure that it grows and play a pivotal role in supporting financial inclusion.

“Of all the banks, you are a good example of financial inclusion because of your extensive branch network,” he said.

The minister cautioned the bank against extending loans to non-executive directors, warning this would compromise their ability to effectively play their oversight role.

This came after it was disclosed the bank was owed $1.4 million in outstanding loans by former directors.

“This should be discouraged if not stopped at all,” he said. In response, Dzumbunu said the new board, appointed in September last year, “fully discouraged” the practice.

Chinamasa praised the bank for allowing the media to sit out through the annual general meeting as this promoted “transparency and accountability” in the manner in which affairs of the bank are held.- The Source

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