Bank South Pacific has bought out Westpac Banking Corporation operations in Samoa, Tonga and the Cook Islands for $143.7 million.
The two banks signed a proposed sale agreement in January with the transaction subjected to regulatory approval by the Bank of Papua New Guinea and respective regulators in each country concerned.
The proposed sale of Westpac Vanuatu won’t proceed at this time due to the impact of Cyclone Pam, while more consultations are needed with regulators in the Somolon Islands for necessary approvals for the sale of Westpac operations there.
BSP Managing Director and Chief Executive Robin Fleming says the sale is a milestone for a PNG bank and that the regional operator is committed to the customers, the people and the community it operates in.
