Bank South Pacific chairman Kostas G. Constantinou has announced that BSP remains committed to the acquisition of Westpac’s banking operations in the Solomon Islands.

BSP is working closely with the Central Bank of Solomon Islands (CBSI) to obtain the necessary approvals, the bank said in a statement.

Discussions with the Central Bank of Solomon Islands have been positive and are well-progressed.

BSP is confident for a positive conclusion of the new application that is currently before the Central Bank of Solomon Islands to allow the transaction to proceed shortly thereafter.

BSP acknowledged and thanked the Central Bank of Solomon Islands Governor and the Board of Directors for its careful and considered review of our application.

Mr Constantinou said BSP and Westpac remain committed to the acquisition of Westpac’s Vanuatu Operations.

Acquisitions

In late January this year, BSP entered into an agreement to acquire Westpac’s banking operations in Samoa, Cook Islands, Solomon Islands, Vanuatu and Tonga for AU$125 million.

Completion of the sale was subject to both parties obtaining necessary statutory, regulatory and third party approvals.

Westpac had announced its intention to retain only its operations in Fiji and Papua New Guinea.

BSP acquired Westpac’s Samoa, Cook Islands and Tonga operations in July while Solomon Islands and Vanuatu were put on hold.

Solomon Islands was on hold as they were awaiting necessary approvals while Vanuatu sale was on hold because of the impact of Cyclone Pam.

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