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Westpac Believed To Sell Pacific Operations

TechInPacific – Westpac, the longest-serving Australian bank in Fiji for 113 years is selling its Pacific banking operations.

While the identity of the buyer remains speculation, Australian.com noted the possible names are Bank South Pacific or BRED, a French bank that owns a subsidiary in the country.

Previously, Westpac has sold operations in Samoa, Cook Islands, Solomon Islands, Vanuatu, and Tonga for $125 million to BSP in 2015.

Over $3bn worth of non-core assets that include wealth management platform, general insurance business, and car, auto loans business, and the Pacific bank is among the divestment Westpac set to take off.

credit: westpac

Source: fbcnews.com.fj

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