Brief: Westpac completes partial sale of Pacific operations

Banking Day staff
Westpac has completed the sale of its banking operations in Cook Islands, Samoa and Tonga but has postponed the sale of its Vanuatu and Solomon Islands operations. Bank of South Pacific, Papua New Guinea's largest bank, paid A$91 million for the businesses. Westpac said it was not appropriate to sell the Vanuatu business while the country was recovering from a devastating cyclone. Westpac said it would continue to operate in Fiji and Papua New Guinea.