Bank South Pacific (BSP) completes sale of Westpac Operations in 3 Pacific Island Nations

BSP Chairman Sir Kostas Constantinou, Kt. has today announced the completion of the purchase of Westpac Banking Corporation's operations in Samoa, Tonga and Cook Islands for AUD$91m.On 29 January 2015, BSP announced it had entered into a proposed sale agreement to purchase Westpac's operations in the above countries. The transaction was subject to regulatory approval by the Bank of Papua New Guinea and respective regulators in each country with all necessary approvals received.

Given the impact of Cyclone Pam in Vanuatu, the proposed sale of Westpac's Vanuatu operations will not proceed at this time. Cyclone Pam devastated Vanuatu one month after proposed sale was announced.

Similarly, the proposed sale of Westpac's Solomon Islands operations will not proceed at this time. BSP and Westpac are continuing consultation with the Central Bank of Solomon Islands in order to obtain all necessary statutory, regulatory and third party approvals.

Managing Director and CEO, Robin Fleming proudly said: "This transaction is a major milestone for a Papua New Guinean Bank. BSP is committed to our customers, our people and the communities we operate in.

"This is a special time considering so many of our fellow Pacific Island sportsmen and women are here for the XV 2015 Pacific Games in Port Moresby, of which BSP is proud to be the Official Sponsor."