Bank South Pacific (BSP) has secured the approval from the Reserve Bank of Vanuatu to take over Westpac’s Vanuatu operations.
BSP has already been handed over the license for Bank South Pacific (Vanuatu) that is scheduled to be effective from 1 July 2016.
Commenting on the deal, BSP group CEO Robin Fleming said: "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."
The latest purchase follows BSP’s acquisition of Westpac’s operations in Cook Islands, Samoa, Solomon Islands as well as Tonga.
The takeover of Westpac Vanuatu is scheduled to be completed by 2016.
"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," Fleming added.