The Bank South Pacific BSP officially took over the Westpac Banking Corporation (Westpac) operation in the Solomon Islands on 30 October, further expanding its operations in the Pacific Islands.

BSP Chief Executive Officer CEO Robin Fleming said the BSP acquisition of the Westpac operation in the Solomon Islands, follows its other acquisitions in the region.

Since 2006 BSP acquired the Habib Bank in Fiji, the National Bank of Solomon Islands in 2007, and the Colonial Groups of Companies (Banking & Life Businesses) Fiji in 2009.

In July this year, 2015, BSP acquired Westpac operations in Cook Islands, Samoa and Tonga.

The Chairman of BSP, Sir Kostas Constantinou, OBE said that the bank is living up to its name, “the Bank of South Pacific.”

The BSP has stated assets of approximately USD$6.4 billion, and it views itself as a major PNG and South Pacific banking and finance entity.

BSP hold about 50% market share in both loans and deposits in Papua New Guinea.