Wespac takeover in SI

 Bank South Pacific has officially acquired Westpac Banking Corporation in Solomon Islands. 

This follows the completion of a sales agreement on Friday by the two banks.

BSP Group chief executive officer 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, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (banking and life assurance businesses) in Fiji in 2009. 

“As a business domiciled in Papua New Guinea, 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,” Fleming said. 

“The acquisition brings respected customers, skilled employees and specialised processes and systems. It positions BSP as a leading Pacific regional financial services business, maximising future opportunities from PNG’s growing long-term trade and economic influence in the region.”

Fleming assured customers that there would be minimal disruptions because the bank did not intend to make any disruptive changes.

“Minor changes to products, services will be communicated by BSP to customers, but there is unlikely to be any real change regarding interactions between customers and BSP.” 

BSP currently has seven branches, 40 agents, 19 ATMs and 157 EFTPoS devices in the Solomon Islands.

BSP chairman Sir Kostas Constantinou said the bank was pleased to increase its commitment to the Pacific. 

“It is a regional strategy and we will continue to have a strong presence in the region for a very long time,” he said.