BSP bid to purchase Westpac Vanuatu Ltd rejected

A Westpac Group media release attributed the decision to continue operations in Vanuatu to timing: “Given the impact of cyclone Pam, now is not the time for a change of operators in the country’s banking sector.”

But independent sources confirmed that BSP’s application to purchase Westpac’s Vanuatu operations was rejected on technical grounds, and that BSP had not provided sufficient information to satisfy the assessment criteria.