By Delly Waigeno – EM TV News, Port Moresby
Bank South Pacific (BSP) has acquired Westpac Banking Corporation in the Solomon Islands.
The acquisition process started in January this year and was completed last Friday, October 30, after both parties obtained necessary statutory, regulatory and third party approvals in the Solomon Islands.
BSP Group CEO, Robin Fleming, said the purchase is part of BSP’s Pacific based expansion strategy.
The acquisition has placed Bank South Pacific as a leading Pacific regional financial services business, maximising future opportunities from Papua New Guinea’s growing long-term trade and economic influence in the region.
BSP has been expanding in the region since 2006 when it 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.
In July 2015, BSP acquired Westpac operations in Cook Islands, Samoa and Tonga.
BSP thanked the Central Bank of Solomon Islands for its approval of the acquisition.
It has developed a strategic interest to find opportunities, build commercial relationships, and grow its presence in the economies of the South Pacific region.
Chairman of BSP, Sir Kostas Constantinou, said that the bank was pleased to have this opportunity to increase its commitment to the Pacific.
“It is a regional strategy and we will continue to have a strong presence in the region for a very long time. BSP is living up to its name as the Bank of South Pacific,” he said.
Sir Kostas added that this is a milestone transaction, not only in the corporate development of BSP and in the development of Papua New Guinea as an economic force in the South Pacific Island nations, but also as a positive example of people of the South Pacific Island nations developing their capabilities in regional commercial and economic activities.
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