Westpac

Westpac announced last year it was selling its majority shareholdings in Westpac Fiji and Westpac Bank PNG Ltd for up to $AU420 million dollars.

Its preferred buyer was Kina Securities but the PNG Consumer and Competition Commission, the ICCC, has denied authorisation for the sale to Kina Securities.

Westpac has today announced that it will continue to operate the Pacific businesses while it reviews the impact of the decision on Kina Securities.

The bank's half year cash profit for the six months ended March was $583 million, or 98 percent up on last year's $297m.

The bank said a stronger than expected recovery in business and the impact of government support measures resulted in a big drop in the amount set aside for bad and doubtful debts, with the bank writing back $99m, against last year's $211m.

RNZ International understands the Australian bank has written to the country's government asking to end their years-long relationship over several concerns about the use of the accounts.

The decision will not affect regular cutomers who make banking transactions to Nauru.

Bank of South Pacific (BSP) is working closely with the Central Bank of Solomon Islands (CBSI) to obtain the necessary approvals and discussions with the CBSI have been positive and have well-progressed.

This was revealed in a statement by BSP Group chairman Kostas Constantinou.

He says BSP is confident for a positive conclusion of the new application that is before the CBSI to allow the transaction to proceed shortly thereafter.