15 Jul 2015

Cyclone Pam puts BSP Vanuatu purchase on hold

6:40 am on 15 July 2015

The Bank South Pacific says its planned purchase of Westpac operations in Vanuatu will not go ahead because of the devastation brought by Cyclone Pam.

A Westpac branch in Rarotonga, Cook Islands

A Westpac branch in the Cook Islands. Westpac have sold their Pacific operations to Bank South Pacific. Photo: Phillipa Webb / Cook Islands News

BSP has announced it has completed the purchase of Westpac operations in Samoa, Tonga and Cook Islands for 67.4 million US dollars.

The bank says approvals are still being sought for the purchase of Westpac's Solomon Islands operations.

BSP is Papua New Guinea's largest financial institution and employs more than 4000 people across PNG and the region.