17 Dec 2009

PNG's BSP is now a major bank in Pacific region

11:55 am on 17 December 2009

Papua New Guinea's largest financial institution Bank South Pacific is now a major bank in the region after the confirmation of settlement in its bid to buy the Colonial Group in Fiji.

While the parties in the transaction are tight-lipped on the cost of settlement, with the Bank's total assets in excess of 6 billion and nearly 3000 employees.

The bank's aim was to expand its banking network in the Pacific region to rival other lenders ANZ and Westpac.

BSP chief executive and managing director Ian Clyne told the Fiji Times Online the bank was optimistic about creating an increasingly successful business in Fiji.