BSP chairman Sir Kostas Constantinou said, “BSP has been working closely with CBSI and has fulfilled the necessary requirements and it is pleasing to note that the central bank has responded positively.
“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 in line 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 specialized processes and systems. It positions BSP as a leading Pacific regional financial services business, maximizing future opportunities from PNG’s growing long term trade and economic influence in the region,’’ said Sir Kostas.
“This expansion in the Solomon Island reinforces our vision to become the pre-eminent bank in PNG and the South Pacific and we are 100 percent committed to providing flexible, convenient everyday banking solutions for all our clients.”