Fiji has sold its banking operations in Samoa , Tonga and the Cook Islands to the Bank of South Pacific for today ($ $91m ). However, it was unable to offload its Vanatu arm 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 Samoa 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 AUD 91mn ($68mn). However, it was unable to offload its Vanatu arm 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.