Development Bank of Samoa's Manager of Finance, Muā’autau Raiē Silipa has been promoted to the top job with the Cabinet endorsing his appointment. 

The appointment was approved by the Cabinet on Wednesday during its weekly meeting and was confirmed by a statement issued by the Press Secretariat's office on Thursday.

According to the statement, Muā’autau has been working at the D.B.S. for over 20 years and is currently the Manager of Finance at the State-owned bank. 

"He was highly and unanimously recommended by the panel as the new C.E.O. for the next three years," reads the statement. "Four applicants were interviewed for this position."

Muā’autau is a member of the Samoa Institute of Accountants and holds a Master of Business Administration degree from the University of South Queensland, Australia. He also holds a Bachelor's Degree in Accounting from the University of the South Pacific.  

Muā’autau takes up the role of Faiane Susana Laulu who did not re-apply for the position. Faiane has led the D.B.S. since 2014 and was re-appointed in 2020 with her contract expiring early this year. 

The D.B.S. gives loans that are focused on five main sectors in Samoa: agriculture, fishing, inclusive development, industry and other business and services, and the tourism industry.

Currently funded by the Government, its mandate is to promote the advancement of the Samoan economy through the provision of credit lending facilities to viable developmental projects.