All Westpac staff in Vanuatu will be employed by Bank South Pacific when it takes over the operation this year, according to statement from the banks.
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 Group chief executive officer Robin Fleming told The National that the transaction was expected to be complete by the middle of the year.
The Reserve Bank of Vanuatu (RBV) had given BSP the green light to acquire the Westpac operation. The acquisition process started in January last year.
In July 2015, BSP completed the purchase of Westpac operations in Cook Islands, Samoa and Tonga, while Solomon Islands was settled at the end of October.
Fleming last year said BSP was 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 when the bank acquired the Habib Bank in Fiji, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking and Life Businesses) in Fiji in 2009,” he said.
“Further, as a business domiciled in PNG, the largest South Pacific island economy, 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 preeminent bank in PNG and the South Pacific. We are 100 per cent committed to providing flexible, convenient everyday banking solutions for all our clients.”
Meanwhile,Westpac Bank Tuesday celebrated its 106th year of operation in the country, making it the oldest commercial bank in Papua New Guinea.
The bank was established as Papua New Guinea’s first commercial bank on May 10, 1910, when the Bank of New South Wales, as it was then known, opened in Port Moresby.
Westpac PNG’s managing director Geoff Toone said: “Today is a celebration of the long-lasting and deep relationship Westpac has with this country, supporting it since the beginning of PNG’s trading economy.
“This is an important milestone for both the customers, staff and stakeholders of Westpac.”
Toone said the Westpac story was about the country’s development right from the early days.
“It is a celebration of successful private enterprise in PNG, and the story of a business developing as a young country grows even before its independence,” he said.
He said the story was an historic one and “we continue to grow and change with the country”.
“We are part of PNG’s economic and social development and we look forward to supporting its growth in the future,” Toone said.
Westpac now offers internet banking, mobile banking, credit cards and a wide network of ATMs and EFTPOS facilities across the country.
The bank has 17 branches, around 500 employees in the country plus a growing fleet of ATMs and instore banking facilities around the country.
Westpac has branch locations in Fiji, Solomon Islands, and Vanuatu.
The bank provides a range of banking services including, bank accounts, internet banking, phone banking, overseas banking services and more.