Bank South Pacific (BSP) has completed the acquisition of Westpac’s banking operations in Vanuatu.
The acquisition of the Vanuatu business is in line with BSP’s Pacific based expansion strategy, BSP group CEO Robin Fleming said.
BSP started expanding presence in the region with the purchase of Habib Bank in Fiji in 2006, followed by acquisition of National Bank of Solomon Islands in 2007, and the Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2009.
In July 2015, BSP acquired Westpac’s Cook Islands, Samoa and Tonga operations, while at the end of October 2015 it bought Westpac’s Solomon Islands operations at the end of October 2015.
BSP group CEO Robin Fleming 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.
"The acquisition brings respected customers, skilled employees and specialised processes and systems. It positions BSP as a leading Pacific financial services business, maximising future opportunities from PNG’s growing long term trade and economic influence in the region."
Fleming said that the acquisition will lead to minimal disruptions to services in Vanuatu, and minor changes to products and services will be communicated to customers.