The Fiji government has sold its 49% share in the Colonial National Bank to the Commonwealth Bank of Australia for 16-point-5 million US dollars.
The Commonwealth Bank of Australia is the parent company of Colonial Bank.
The sale means Colonial will become the full owner of the Colonial National Bank which was created after the collapse of the former National Bank of Fiji over bad debts of more than 157-million US dollars.
Colonial's managing director in Fiji, Mike Walsh, says there will be no major changes in the structure, staffing or operations of the bank, but planning for the future would become easier because there will be only one owner.
Fiji's prime minister, Laisenia Qarase, says the sale is part of the government's policy of selling off shares in businesses that are better placed in private hands.
