Westpac enters deal to sell Pacific Island banks
Westpac will sell five of its Pacific Island banking operations as it focuses on Fiji and Papua New Guinea.
The bank announced it had entered into an agreement to sell its businesses in the Samoa, the Cook Islands, Solomon Islands, Vanuatu and Tonga to the Bank of South Pacific for $125 million, in a statement to the Australian Securities Exchange this morning.
Westpac Institutional Bank chief executive, Rob Whitfield, said the bank would retain its operations in Fiji and Papua New Guinea — it largest Pacific markets.
"Our decision to sell our operations in these nations reflects our desire to increase focus on our growth plans in the larger markets of PNG and Fiji, where we have a strong history," he said.
"These markets support our international aspirations by being closely tied to Asia, Australia and New Zealand and the strong flows of capital, trade, and migration. Indeed, we continue to see significant opportunities in both Fiji and PNG markets and will continue to invest in expanding our infrastructure and capability in the region."
AUTHOR
Nicholas O'Donoghue
Recommended for you
ETF provider VanEck has announced its intention to launch a uranium and energy solution as global political agendas point to expansion in this sector.
PIMCO has announced the launch of a new active fixed-income ETF, marking its fifth active solution on the Australian market after the launch of four ETFs earlier in the year.
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
