Funding injection to help keep banks in Pacific
An extra $6.3 million (US$4.24 million) in Commonwealth funds will go toward bolstering banking infrastructure in the Pacific, the federal treasurer will announce at a forum in Brisbane. The talks are focused on banking
Westpac stays, so what’s next?
Westpac’s October announcement that it no longer planned to sell its remaining businesses in Papua New Guinea and Fiji, and its statement to the Australian Stock Exchange that it would increase investment in its
De-banking having a ‘severe impact’ on Pacific Islanders
The region’s economic ministers say the expiry of correspondent banking relationships (CBR) is having a severe impact on the lives of Pacific Islanders, including seasonal workers, micro, small, and medium
Westpac to maintain Pacific presence, cancels sale of PNG, Fiji banks
Westpac has decided to maintain a presence in the South Pacific after the federal government indicated it wants to see Australian companies maintain a role in the region. The Australian Financial Review reports the bank
New financial entrants ‘pose risk’: Bank of PNG
In a real sense, encouraging new entrants in the financial system can be considered a national risk management strategy, says Bank of PNG acting governor Elizabeth Genia. “In recent years, we have seen internationally
Banking: A regional overview
At the end of 2022, the Papua New Guinea government signalled its intent to set up a state-owned commercial bank, and take a government seat on the board of Bank South Pacific. The plan has been criticised given the
Banking and Enterprise Backup
Internet connectivity has become a core system for the world’s financial institutions. From international transfers and business banking to ATM withdrawals and Point-Of-Sale systems, a good quality internet connection
BSP pays K190million extra tax
The Bank South Pacific Financial Group Limited (BSP) has declared a substantially lower net profit of K69 million (US$19 million) from K259 million (US$73 million) due to a controversial levy imposed by the Government.
Local banker Smith is Westpac Fiji CEO
Westpac has announced the appointment of Shane Smith as its new Chief Executive for Fiji. “I’m honoured and humbled by the opportunity to lead this great business and build on the legacy of my predecessors.
Kina’s acquisition of Westpac Pacific operations thwarted
Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) has rejected Kina Securities Limited’s proposal to buy out Westpac Bank’s PNG operations. The ICCC’s decision reflects its concerns about
Debt traps and doing business
Tourism may be the poster child of the Pacific’s post-COVID economic crisis, but it’s not the only sector that has suffered. A stark example of the challenges that border closures are causing came in reports from