Bank South Pacific (BSP) has been given the green light by the Reserve Bank of Vanuatu (RBV) to acquire Westpac Banking Corporation in Vanuatu.
Reserve Bank Vanuatu Governor Simeon Athy delivered the good news to BSP Group CEO Robin Fleming in Port Moresby.
Athy later handed over the license for Bank South Pacific (Vanuatu) Ltd which will be effective on July 1, 2016.
The acquisition started early this year and was completed in July. BSP acknowledged and thanked the Governor and his team at the Reserve bank of Vanuatu for considering an approval to acquire the Westpac operations in Vanuatu.
Both BSP and Westpac are now working towards the completion of sale in 2016. The Vanuatu completion has been delayed as a result of Tropical Cyclone Pam which caused devastation in March, with impacts on the economy and the banking sector.
Fleming said BSP is now firmly positioned as a regional leader in financial and banking services.
“This acquisition is consistent with BSP’s Pacific based expansion strategy, which has been maintained since 2006,” he said.
As a business domiciled in PNG, BSP has developed a strategic interest to find opportunities, build commercial relationships, and grow its presence in the economies of the South Pacific region.
“Our expansion into Cook Islands, Samoa, Solomon Islands, Tonga and Vanuatu in the near future reinforces our vision to become the pre-eminent bank in PNG and the South Pacific,” he concluded.