The settlement for acquisition of Westpac Banking Corporation in Vanuatu by Bank South Pacific, was completed on July 1.
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.
The acquisitions included the Habib Bank in Fiji in 2006, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2009.
“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,” Mr Fleming said.
“The acquisition brings respected customers, skilled employees and specialised processes and systems.
“It positions BSP as a leading Pacific financial services business, maximising future opportunities from PNG’s growing long term trade and economic influence in the region.”
Mr Fleming assured customers there will be minimal disruptions to services in Vanuatu during the transition to BSP. Minor changes to products and services will be communicated to customers.
On behalf of the Board and Management of BSP, Mr Fleming thanked all BSP and Westpac staff involved with successful completion of the transaction and welcomed staff and customers to BSP.