BSP acquires banking operations of Westpac

The Chairman of the Bank of the South Pacific Limited has announced that BSP has entered into an agreement to acquire the banking operations of Westpac Banking Corporation in Samoa, Cook Islands, Vanuatu and Tonga for FJD$202m. 

Completion of the sale is anticipated for mid-2015 and is subject to the parties obtaining necessary statutory, regulatory and third party approvals.

Prior to completion, Westpac will continue to own and manage banking operations in these countries.

This initiative is consistent with BSP’s Pacific based expansion strategy, which has been maintained in 2006.

Since that year, BSP acquired banking and financial services in Solomon Islands and Fiji.