1 May 2007

PNG bank takes over National Bank of Solomon Islands

3:12 pm on 1 May 2007

The Papua New Guinea-based Bank of South Pacific, or BSP, has formally taken over National Bank of Solomon Islands today.

Finance Minister Gordon Darcy Lilo signed the necessary documents last Friday to allow for the change in ownership.

Under the take over arrangement, BSP will wholly own National Bank and the Solomon Islands National Provident Fund, which owns 51-percent shares in the National will buy shares in BSP instead.

The Fund has invested 6 million US dollars to procure shares in BSP.