President Manny Mori is hoping that private businesses and individuals will seize the opportunity to purchase shares in the Bank of FSM and that eventually the national and state governments will be able to sell off their interest to the private sector.
“The Bank of FSM is generating profitability and should be supported by the private sector,” said Mori.
The Bank of FSM shares are available for purchase with the FSM Department of Finance in Palikir.
The shares are currently being sold at the price of $10 per share, the same price at which the government originally purchased its 300,000 shares for $3,000,000 on Dec. 31, 1992.
The FSM government currently owns 290,458 shares, representing a 31.1 percent ownership of the bank.
The Bank of FSM began operations as a commercial bank in 1986, it is FDIC insured, and has branch offices in all four states: Pohnpei, Chuuk, Yap and Kosrae.
