Bank South Pacific's (BSP) Chairman, Kostas. G. Constantinou, says it is still committed to purchasing Westpac's banking operations in the Solomon Islands, it is just waiting for the necessary approvals from the Central Bank of Solomon Islands (CBSI). The CBSI has approved a request by BSP, which was formed last year, to acquire all its remaining assets and liabilities worth about $US1 billion. This move is part of Westpac's plan to adhere to the recent regulatory rules set out by Australia's financial regulators.
Bank South Pacific's (BSP) Chairman, Kostas. G. Constantinou, says it is still committed to purchasing Westpac's banking operations in the Solomon Islands, it is just waiting for the necessary approvals from the Central Bank of Solomon Islands (CBSI). BSP made a deal with Westpac in January this year to buy its operations in Samoa, Cook Islands, Solomon Islands, Vanuatu and Tonga for AUD 125m ($89.5m), with Westpac retaining its operations in Fiji and Papua New Guinea. This move is part of Westpac's plan to adhere to the recent regulatory rules set out by Australia's financial regulators.