Bank Of The South Pacific Taking Over Westpac Operations in Vanuatu

Sale, delayed last year due to Cyclone Pam, to take place on July 1

By Mavuku Tokona

PORT VILA, Vanuatu (Vanuatu Daily Post, June 8, 2016) – Westpac Vanuatu will be selling off its entire operations to the Bank of the South Pacific and officially shutting down on July 1 next month.

According to the General Manager of Westpac Vanuatu, Stuart Beren, the decision to shut down the Australian bank was made last year but delayed due to Tropical Cyclone Pam.

“Westpac remained in Vanuatu to help provide stability in the banking sector and to assist with cyclone recovery efforts,” Mr Beren explained in a statement.

The bank that was established in 1817 has also ceased and sold operations in Cook Islands, Tonga, Samoa and Solomon Islands mid 2015 in order to focus on its main Pacific markets of Fiji and Papua New Guinea.

However the cessation of operations for Westpac now provides the staff of ‘Red Bank’ to switch its colors to green – “As part of the sale agreement all local staff will move to employment with BSP, as was the case when staff in Cook Islands, Samoa, Solomon Islands and Tonga transitioned to BSP employment last year.”

Mr Beren added: “All Westpac customers will become BSP customers, with all loans and accounts transferred. Customers should expect to continue enjoying the same high level of service under BSP.

"BSP is the only Pacific-owned bank and expert in operating in smaller markets.

"There may be some changes to product names and customers will be provided information on this once the sale is complete.”

Vanuatu Daily Post
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