BANK South Pacific chairman Noreo Beangke last Friday announced that the BSP board of directors has decided not to continue with the divestment of Colonial Fiji Life Ltd (CFLL) at this time and to continue under the BSP Fiji banner.
This would also allow them to look further across the Pacific to build businesses.
Following the acquisition of the National Bank of Fiji (NBF) and the CFLL in 2009, BSP endorsed a strategy to focus on its core banking business in Fiji.
Consequently, early this year, BSP initiated actions to divest its interests in CFLL, the largest life insurance business in Fiji.
The approach was to seek a new owner for CFLL who will be able to provide the necessary expertise to continue to develop a viable specialist life insurance business.
The divestment process involved requests for expressions of interest, due diligence and final bids.
That process has now concluded.
BSP said that with the difficulties involved in selling a life insurance company in the Pacific at present, given the impact on the region of the pedestrian pace of global economic recovery, it had decided to retain its interest in the CFLL.
BSP has thus reconsidered its strategy and will retain CFLL, making it necessary for BSP to continue to provide it with high quality specialist management, beginning with the appointment of Malakai Rutu Naiyaga as the chief executive officer.
With BSP having demonstrated its capacity and commitment to invest in the Pacific, regulators in the respective countries where BSP operates have acknowledged the reasons for the change and are supportive of the steps taken to directly promote the interests of policy holders.