Pacific regional bank makes bid for Samoa bank

14/07/2011

The Pacific Islands’ banking success story – Bank South Pacific – which has successful acquisitions in four Pacific Island countries, last week made a conditional offer to the shareholders of the National Bank of Samoa to buy them out.<!--more-->

The National Bank of Samoa operates six branches in Samoa and has US$64 million in total assets.

According to the Papua New Guinea headquartered bank’s chairman Kostas Constantinou, the offer comes with conditions that will benefit shareholders, which include a minimum acceptance level of 75percent; due diligence which will be undertaken shortly; and the approval of both regulators, the Bank of Papua New Guinea and the Central Bank of Samoa.

If accepted and the conditions are fulfilled, the transaction is expected to be completed by the end of September.

Starting off in PNG, the bank first ventured outside when it acquired Westpac’s Niue operation in 2004. It then bought Habib Bank in Fiji in 2006 and in the very next year too over the National Bank of Solomon Islands – now renamed BSP. In 2009, it also acquired the former Colonial Bank and life businesses, now BSP and BSP Life, in Fiji.

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Photo / Pacific Islands Trade &amp; Invest

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