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TARAWA, Kiribati (August 24, 2000 – Radio Australia)---The Westpac Banking Corporation is completing arrangements for a transition in the ownership of the Bank of Kiribati.

The government will acquire Westpac's majority share of the bank by mutual agreement.

The government wants to take a 51 percent shareholding in the bank instead of the current 49 percent.

The Bank of Kiribati is the only commercial bank operating in the island nation.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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