Bank South Pacific (BSP) continues to flex its business muscle into the Pacific Region with its payment for acquisition of Westpac Banking Corporation (Westpac) in Vanuatu.
The transaction was completed on July 1, 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.
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 include 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,” Fleming said.
“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.”