The Fiji Government has welcomed the recent announcement by the Westpac Group to end the sale process of its Pacific banking businesses and retain Westpac operations in Fiji.

In a Government statement, Deputy Prime Minister and Minister for Finance Professor Biman Prasad said the commercial financial institution had played a critical role in Fiji’s economic development with 123 years of operations.

He said the bank’s decision to maintain its presence in Fiji reaffirmed the bank’s confidence and commitment to economic development and financial stability in Fiji.

“Government looks forward to enhancing its partnership with Westpac Fiji to further support financial intermediation, banking sector development, financial inclusion, and overall economic progress,” Mr Prasad said.

Reuters  had reported that the Australian lender had cancelled the sale of its Fiji and Papua New Guinea businesses, ending a years-long process that was beset by regulatory problems.

According to the media report, the company has been trying to leave the pacific for years, with its A$420 million ($264.77 million) divestment deal with Kina Securities back in 2021 being blocked by a Papua New Guinea regulator.