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

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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

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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

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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

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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

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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

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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.

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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.

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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

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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

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“We have been lagging behind quite poorly”

In 2020 as shops and markets all over the world were forced to close due to the coronavirus, people shopped from home, with e-commerce seeing exponential growth in many markets. And the trend will continue. Online

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Keeping the bank door open for Pacific peoples

Now is the time for New Zealand banks to act with courage to keep providing banking services, including money remittances, to the Pacific Islands open. The scale and complexity of the challenges facing Pacific Island

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