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Friday, June 26, 2009

Bank South Pacific interested in buying Colonial National Bank in Fiji

Bank South Pacific (BSP) has indicated an interest in buying Colonial National Bank's (CNB) operations in Fiji. This occurs although CNB was not actively looking for a buyer.

BSP is a Papua New Guinea owned commercial bank which first made inroads in Fiji by buying Habib Bank's Fiji operations. It is said to be the largest commercial bank in Papua New Guinea.

In recent years, BSP has undertaken an expansion into the Pacific region. It acquired the National Bank of the Solomon Islands in 2007 and also has operations in Niue.

Colonial National Bank is owned by Commonwealth Bank of Australia.

The necessary due diligence process is being undertaken where the business will be analysed and a review made of the accounts, records and processes of CNB by BSP. This process will take about four to six weeks.

Bank acquisitions in Fiji require Reserve Bank of Fiji approval.

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