Bank South Pacific will start operations in Vanuatu in July after buying out Westpac’s operations in the country.
And it is expected to make a major push into tourism industry finance as its footprint expands over the region according to Islands Business.
Speaking at the South Pacific Tourism Exchange on the Gold Coast today (Friday), BSP Head of Corporate, Curtis Mar, said the bank’s lending to the industry in Fiji accounted for 17 per cent of their loan portfolio.
“Tourism is the heart of many if not all of our Pacific island countries’ economies. Therefore the success of this Industry is critical and we are pleased to be able to partner with the SPTO to facilitate this event,” Mar said.
More than 60 tourism industry buyers and 150 sellers are attending the South Pacific Tourism Exchange which is sponsored by BSP and will end tomorrow (Saturday).
BSP recently commenced operations in Pacific Island Countries Samoa, the Cook Islands and Tonga after buying out Westpac’s operations.
“I’m pleased to inform you that from July 1 the same will be done in Vanuatu,” Mar said.
Westpac last year made a decision to sell all Pacific operations except Fiji and Papua New Guinea to concentrate its efforts in the emerging Asian market.
“Our expanded footprint ensures that we are better placed than we were to service the needs of (tourism),” Mar said.
“In Fiji alone, BSP has steadily grown our stake in the industry now banking major hotels like Hilton Resort and Spa, Hilton Sonaisali Double Tree Resort, Grand Pacific Hotel, The Pearl, First Landing Resort, Smugglers Cove Beach Resort and Spa, Uprising Resort.
“(We also bank forget Sofitel Resort in which BSP has a 66 per cent shareholding.
“BSP’s lending to the Tourism Industry in Fiji now accounts for 17pc of our total exposure and growing which is reflective of our commitment to the industry.”