A REGIONAL bank has developed a strategic interest to find opportunities, build commercial relationships, and grow its presence in the economies of the South Pacific region.
Bank of South Pacific (BSP) has officially acquired Westpac Banking Corporation (Westpac) in the Solomon Islands, positioning it as a regional leader in financial and banking services.
The completion of sale between Westpac and BSP last Friday came after both parties obtained necessary statutory, regulatory and third-party approvals in the Solomon Islands.
The acquisition process started in January this year. In July, BSP acquired Westpac operations in the Cook Islands, Samoa and Tonga.
BSP Group CEO Robin Fleming said the 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 and National Bank of Solomon Islands in 2007.
