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Vanuatu Bank closes deal on Westpac’s Pacific ops

THE Reserve Bank of Vanuatu has finally given Bank South Pacific (BSP) Group the nod to acquire the Westpac Banking Corporation’s Pacific operations.

This was announced by BSP chief executive officer Robin Fleming in Port Moresby yesterday during a press conference held to present the bank’s Quarter-3 results.

While the Vanuatu deal had been put off to allow the country to recover from the effects of Cyclone Pam, the group was pleased headway had been made.

Mr Fleming had announced that the bank understood that the Governor of the Reserve Bank would be in the country on Monday week, to issue the necessary approvals with an effective date of June 30, 2016.

This will conclude the bank’s planned Pacific acquisition of Westpac’s five operations in Cook Island, Samoa, Tonga, Solomon Islands and Vanuatu to the tune of A$125 million (K269.7m).

BSP had earlier this year stated this initiative to be in line with its Pacific based expansionary strategy.

The bank’s acquisition of Cook Islands, Samoa and Tonga were the first to be settled and Solomon Islands on October 30.

BSP’s Deputy CEO while presenting the group’s Quarter3 results had stated that the transition of the operations in Cook Islands, Samoa and Tonga into the bank’s had gone well.

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