On 30 October 2015, Westpac completed the sale of its banking operations in Solomon Islands to the Bank of South Pacific Limited (BSP) for AUD$23.6m. The intended transaction was first announced to the market on 29 January 2015.
Bank South Pacific acknowledges and thanks the Central Bank of Solomon Islands, its Governor and Board of Director for their consideration and subsequent approval to acquire Westpac operations. The acquisition process started in January this year. In July 2015, BSP acquired Westpac operations in Cook Islands, Samoa and Tonga.
BSP Group Chief Executive Officer Robin Fleming explained that this acquisition is consistent with BSP’s Pacific based expansion strategy, which has been maintained since 2006 when the bank acquired the Habib Bank in Fiji, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2009. Mr. Fleming assured customers that there will be minimal disruptions as BSP does not intend to make any disruptive changes. Minor changes to products, services will be communicated by BSP to customers, but there is unlikely to be any real change regarding interactions between customers and BSP.
“Our expansion into Solomon Island reinforces our vision to become the preeminent bank in PNG and  the  South  Pacific  and  we  are  100%  committed  to  providing  flexible,  convenient  everyday banking solutions for all our clients,” he said. BSP currently has 7 branches, 40 Agents, 19 ATMs and 157 EFTPOS devices across the Solomon Islands.
The Chairman of BSP, Sir Kostas Constantinou, OBE said that the bank was pleased to have this opportunity to increase its commitment to the Pacific. “It is a regional strategy and we will continue to have a strong presence in the region for a very long time. BSP is living up to its name as the Bank of South Pacific.” Sir Kostas commented.
Sir Kostas added that this is a milestone transaction not only in the corporate development of BSP, not only in the development of Papua New Guinea as an economic force in the South Pacific Island nations, but also a positive example of people of the South Pacific Island nations developing their capabilities in regional commercial and economic activities.

A Spokesperson for Westpac explained that Westpac will retain its operations in its largest Pacific markets of Fiji and Papua New Guinea. Westpac is both the longest serving bank in Fiji for 114 years and the first bank in Papua New Guinea since 1911.