Bank South Pacific (BSP) acquisition of Westpac Operation in Solomon Islands

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Update 16/10/2015: CBSI agrees to BSP Acquisition of Westpac Solomon Islands

Bank of South Pacific (BSP) Chairman Sir Kostas G. Constantinou, O.B.E has announced that the Central Bank of Solomon Islands (CBSI) has given the approval for BSP to acquire Westpac’s banking operations in the Solomon Islands.

BSP has been working closely with CBSI and has fulfilled the necessary approvals and it is pleasing to note that the central bank has responded positively.

BSP acknowledges and thanks the CBSI Governor and the Board of Directors for its careful and considered review of our application.

Both BSP and Westpac are committed to the acquisition and are working religiously towards a likely completion of sale by the end of October.

The acquisition is consistent with BSP’s 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.

The acquisition will bring respected customers, skilled employees and specialised processes and systems. It positions BSP as a leading Pacific regional financial services business, maximising future opportunities from PNG’s growing long term trade and economic influence in the region.

This expansion in the Solomon Island reinforces our vision to become the preeminent bank in PNG and the South Pacific and we are 100% committed to providing flexible, convenient everyday banking solutions for all our clients.

BSP currently has 7 branches, 40 Agents, 19 ATMs and 157 EFTPoS devices across the Solomon Islands. Its Mobile and Internet Banking offer solutions that provide convenience and flexibility.

Sir Kostas G. Constantinou, O.B.E
Chairman
Bank of South Pacific Limited

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BSP Chairman Sir Kostas G. Constantinou, O.B.E has today announced that BSP remains committed to the acquisition of Westpac’s banking operations in the Solomon Islands.

BSP are working closely with the Central Bank of Solomon Islands (CBSI) to obtain the necessary approvals and discussions with the CBSI have been positive and are well-progressed.

BSP are confident for a positive conclusion of the new application that is currently before the CBSI to allow the transaction to proceed shortly thereafter. BSP acknowledges and thanks the CBSI Governor and the Board of Directors for its careful and considered review of our application.

BSP and Westpac remain committed to the acquisition of Westpac’s Vanuatu Operations.

Sir Kostas G. Constantinou, O.B.E
Chairman
Bank of South Pacific Limited

 

 

 

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