Update: 3:00PM BANK South Pacific (BSP) has officially acquired Westpac Banking Corporation (Westpac) in Solomon Islands, positioning it as a regional leader in financial and banking services.
The
completion of sale between Westpac and BSP was October 30, after both parties
obtained necessary statutory, regulatory and third party approvals in Solomon
Islands.
The
acquisition process started in January this year. In July 2015, BSP acquired
Westpac operations in Cook
Islands, Samoa and Tonga.
BSP
Group CEO Robin Fleming said that this acquisition was consistent with BSP’s
Pacific based expansion strategy, which had 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.
