By Delly Waigeno – EMTV News, Port Moresby
Bank South Pacific (BSP) has taken over Westpac operations in Vanuatu.
The settlement for acquisition of Westpac Banking Corporation in Vanuatu was completed on the July 1.
BSP Group Chief Executive Officer, Robin Fleming, reiterated that this acquisition is aligned to BSP’s Pacific based expansion strategy.
Bank South Pacific is living up to its name, growing its presence in the economies of the South Pacific region.
This latest acquisition in Vanuatu follows the purchase of Westpac operations in Cook Islands, Samoa, Tonga and the Solomon Islands in 2015, and the finalisation of the agreement with Westpac to purchase its businesses in those countries.
Fleming said BSP’s Pacific based expansion plan has been maintained since 2006 with the acquisition of the Habib Bank in Fiji in 2006, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking and Life Businesses) in Fiji in 2009.
“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,” Fleming said.
Given the impact of Cyclone Pam in Vanuatu, the proposed sale of Westpac’s Vanuatu operations did not proceed in 2015, with the Reserve Bank of Vanuatu approving the purchase on November 11, 2015, for completion on July 1, 2016. .
Fleming thanked all BSP and Westpac staff involved with successful completion of the transaction and welcomed staff and customers to BSP.
