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