(24 September 2004 – PNG) Westpac has sold the assets and liabilities of its Niue branch to Bank of South Pacific (BSP).”Bank of South Pacific will enter into a Memorandum of Understanding with the government of Niue and is committed to providing the people of Niue with ongoing face to face banking services with local faces,” Westpac chief executive of Pacific Banking Alan Walter said.
BSP will offer jobs to five local staff. Niue is located to the east of Tonga.
Despite the sale Westpac said it remained committed to its banking operations in the Pacific.
PNG based BSP merged with PNGBC earlier in the year.