20 Apr 2015

BSP pledges not to change Westpac services

1:54 pm on 20 April 2015

Bank South Pacific says it has no plans to change current products and services to Westpac Cook Islands when they take over the bank in the middle of this year.

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Photo: Photo NZ

Westpac's Pacific Regional General Manager, Brett Hooker, says an agreement had been signed by both Westpac and BSP, but the sale is still subject to necessary statutory, regulatory and third party approvals.

He says the deal should be finalised by the middle of the year.

He says customers with Westpac Visa debit cards attached to their Cook Islands bank accounts could transfer funds to and from Australia and New Zealand, and this service would continue under the new owners, he said.

Mr Hooker says Westpac Cook Islands ATM and EFTPOS terminals will also be changed to BSP rather than being replaced, he said.

In February, Westpac announced it would sell its banking operations in five Pacific Island nations to BSP for $125 million US dollars to concentrate on its largest markets, Fiji and Papua New Guinea.