Aust bank to sell Fiji businesses

June 25, 2009 02:18:57 PM

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One of Australia’s leading banks is in talks with Bank of South Pacific (BSP) on the potential sale of its banking and insurance businesses in Fiji.

This was revealed in a CBA statement, according to a Reuter’s business report.

It said: "BSP has made an indicative non-binding offer and is about to commence due diligence”.

CBA wholly owns Colonial National Bank - the former National Bank of Fiji - and Colonial Fiji Life.

Bank South Pacific is Papua New Guinea’s largest bank and opened its doors in Fiji in December 2006 when it took over the Habib Bank Ltd in Suva after Habib Bank ceased its operations.

BSP also has branches in Niue and Solomon Islands.