Published 19 January 2021
MIHI/BOMI & MISCo open new branch in Arno
The Marshall Islands Holdings, Inc. (MIHI), the sole shareholder of the Bank of the Marshall Islands (BOMI) and Marshall Islands Service Corporation (MISCo) reached another milestone with the January 16 opening of its Arno branch, the atoll nearest to Majuro, about 19 miles east of the RMI’s capital city.
It is important to note that both MIHI and MISCo are affiliated companies of MISSA. Currently, MISSA holds a 36% controlling interest in MIHI. Likewise, the Administration is a major stockholder of MISCo.
Invited to grace the event were the RM’s head of state, his Excellency President David Kabua and First Lady, Ginger Shoniber-Kabua. Other VIPs who joined the celebrations include Arno Senator Mike Halferty, diplomatic representatives from Taiwan and U.S. Embassies and a number of MIHI and BOMI-MISCo managers and Board Members. In his speech, Patrick Chen, BOMI President and CEO, made an inspiring recollection of his promise to then President Amata Kabua more than two decades ago. He said that the opening of the BOMI and MISCo branch in Arno is the realization of such promise, that he will develop Arno and make it one of the most progressive atolls in the country.
With the opening of BOMI’s branch, Arno residents will now enjoy online banking services that include withdrawals, deposits, use of BOMI debit card and MoneyGram money transfers. Micro loans will also be an added bank service to those who are in need of business capitalization and personal loans.
The new MISCo Market offers a wide array of both retail and wholesale products at affordable prices. It will also serve as a trading hub wherein residents may barter their locally made handicrafts, produce and fish in exchange of groceries and other MISCo products.
