Bank South Pacific (BSP) is pleased to announce that settlement for acquisition of Westpac Banking Corporation (Westpac) in Vanuatu, was completed on the July 1st 2016.
This follows the purchase of 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 Officer, Robin Fleming, reiterated that 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."
"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 that 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.