Westpac has sold its banking operations in Samoa , Tonga and the Cook Islands to the Bank of South Pacific for $ 91mn ( $ 68mn ) . Vanuatu's central bank said now was not the time for a change of operations in the country's banking sector, given the impact of Cyclone Pam on the island nation in March this year. However , it was unable to offload its Vanatu assets due to Cyclone Pam , and is still awaiting regulatory approval for its sale of its Solomon Islands business . The sale will not have a material impact on Westpac 's financial position and it will retain its businesses in Fiji and Papua New Guinea , which are its largest Pacific markets . One of the reasons for the bank 's decision to sell is due to its concerns over compliance with anti - money laundering and terrorism financing regulation .
Westpac has sold its banking operations in Samoa , Tonga and the Cook Islands to the Bank of South Pacific for $ 91mn ( $ 68mn ) . However , it was unable to offload its Vanatu assets due to Cyclone Pam , and is still awaiting regulatory approval for its sale of its Solomon Islands business . The sale will not have a material impact on Westpac 's financial position and it will retain its businesses in Fiji and Papua New Guinea , which are its largest Pacific markets . One of the reasons for the bank 's decision to sell is due to its concerns over compliance with anti - money laundering and terrorism financing regulation .