Bank of South Pacific

BSP donates Vt1 million to Vanuatu Emergency Services

Bank of South Pacific (BSP) donated Vt 1 million to the paramedic service.

“The Paramedic service in Vanuatu is saving lives in Vanuatu both local and expatriates,” said BSP’s Head of Retail & Marketing, Moana Korikalo.

“It is making a huge difference in the lives of many people in Vanuatu every day and we are proud to support that.

BSP Takes Over Westpac Operations in Vanuatu

This follows BSP purchasing Westpac operations in Cook Islands, Samoa and Tonga in July 2015, Solomon Islands at the end of October 2015 and the finalisation of the agreement with Westpac to purchase its businesses in those countries.

BSP Group chief executive, Robin Fleming, reiterated this acquisition is aligned to BSPs’ Pacific based expansion strategy, which has been maintained since 2006.

BSP to begin Vanuatu operations in July

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.

BSP to take over Westpac Vila staff

The statement said it was part of the sale agreement.

The Vanuatu transaction follows the trend in staff movement when BSP took over Westpac in Cook Islands, Samoa, Solomon Islands and Tonga. All Westpac staff transitioned to BSP employment in 2015.

“The sale of Westpac’s Vanuatu operations was originally planned for mid-2015, but was delayed following Tropical Cyclone Pam,” the statement said.

“Until the sale proceeds, it is business as usual for Westpac in Vanuatu.”

BSP Investment under active consideration

“We have started the process this week and have held talks with the Government, the Prime Minister and the acting Prime minister,” RBV Governor Simeon Athy told Daily Post yesterday.

The Governor also confirmed that RBV has held meetings with Greg Pawson, General Manager of Westpac.

“We are in the process of talking to the Chief Executive Officer (CEO) of the BSP in the next few days and my colleague, Governor Loi Bakani of Papua New Guinea.