Pacific bank deal in progress
Papua New Guinea’s largest commercial bank, the Bank of the South Pacific, hopes to finalise the proposed buy-out of Colonial National Bank by the end of the year.
The Bank of the South Pacific’s chief executive, Ian Clyne, told the Fiji Times there are still a lots of processes involved, such as approval from the board and other relevant stakeholders.
The bank already exists in Fiji, with branches in Suva and Nadi, after buying out the Habib Bank in 2006.
The Bank of the South Pacific has been in operation for more than five decades in PNG and has 35 branches there.
- Radio Australia
Fiji is led by the dogs to the doghouse
talei2
August 19, 2009 at 7:52 pm
It is better that PNG owns Colonial than Australia (or NZ ). PNG is on a roll at the moment with their economy growing at 6.6% of GDP. Now with their financial institution taking another step (from credit corp), watch the millionaire PNG businessmen roll in!
qasex
August 20, 2009 at 1:22 am
@qasex that was the point –
PNG’s economy growing at a healthy pace whilst the dogs in Fiji are taking ours to the doghouse. Draining Fiji’s resources is just that – makes no difference if it to PNG Australia or the Moon.
talei2
August 20, 2009 at 4:46 am