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Banks

Tonga has a small and underdeveloped financial sector. There are three registered commercial banks: Westpac, the largest, ANZ and MBf. Westpac and ANZ are Australian multinationals, whilst MBf is Malaysian owned. Westpac began as the Bank of Tonga in 1974 and has been a fully owned subsidiary of Westpac Banking Corporation since 2008. Westpac provides full commercial and savings facilities for Tongan residents. ANZ and the MBf Banking Group have operated in Tonga since 1993 and they too provide full commercial banking facilities. There is a government-owned developmental financial institution, Tonga Development Bank, which lends money to key sectors of the business community including agriculture, manufacturing and tourism. It also provides savings accounts.