RBV gives BSP green light to acquire Westpac in Vanuatu
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RBV Governor Simeon Athy personally delivered the good news to BSP Group CEO Robin Fleming in Port Moresby, Papua New Guinea, by handing over the license for Bank South Pacific (Vanuatu) Ltd which becomes effective July 1st, 2016.
BSP acknowledges and thanks the Governor and his team at Reserve bank of Vanuatu for their consideration and subsequent approval to acquire the Westpac operations in Vanuatu.
The acquisition process started in January this year. In July 2015, BSP completed the purchase of Westpac operations in Cook Islands, Samoa and Tonga, while Solomon Islands was settled at the end of October.
Both BSP and Westpac will now work towards completion of sale in 2016. The Vanuatu completion has been delayed as a result of Tropical Cyclone Pam which caused much devastation in March 2015 with the consequent impacts on the economy and the banking sector in Vanuatu.
Mr Fleming said BSP is now firmly positioned as a regional leader in financial and banking services.
"This acquisition is consistent with BSP's Pacific based expansion strategy, which has been maintained since 2006 when the bank acquired the Habib Bank in Fiji, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2009," he said.
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.
"Our expansion into Cook Islands, Samoa, Solomon Islands, Tonga and Vanuatu in the near future 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," he said.
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