21 Mar 2005

PNG bank interested in buying National Bank of Solomon Islands

4:19 pm on 21 March 2005

The Papua New Guinea-based South Pacific Bank is reported to have expressed interest in buying the National Bank of Solomon Islands.

Reports from Port Moresby say the banks interest was relayed to the Solomons prime minister Sir Allen Kemakeza and his delegation last week.

A formal offer to buy the National Bank of Solomon Islands is still to be made.

The National Bank has been without a second partner since the withdrawal of the Bank of Hawaii two years ago.

The Solomon Islands National Provident Fund is the sole investor in the National Bank although the BOH nominated lawyers from Sol-Law to protect its interest until a new partner is secured.

The National Bank continue to reject the arrangement.