Commonwealth Bank insurance part of mooted Fiji sale
The Commonwealth Bank is considering a non-binding offer by Papua New Guinea’s Bank South Pacific (BSP) to buy its Fijian banking and insurance businesses.
A number of measures by the Fijian military-backed government are making life difficult for the banking industry.
These include a 20% currency devaluation, forced interest rate cuts and a direction to increase lending to small business.
The Commonwealth bought the Fijian Government’s 49% holding in Colonial National Bank in January 2006 for $F28 million ($22 million then and $17 million now) to give it outright ownership.
BSP is the largest retail bank in Papua New Guinea, with more than 2 billion kina ($943 million) in assets.
More articles like this
- Opt-in plan has serious flaws for consumers: say critics »
- Life insurers increase assets »
- Life insurance sales continue to grow »
- Suncorp merges life insurance back office with super »
- Young Australians ignoring life insurance »
- Good growth for income protection »
- More TPD cover for Qantas members »
- Life insurance included in super review »
Latest Jobs
Self-employed brokerage opportunity without the need for a capital investment
1 February 2012
Consolidated Insurances offers a training and career opportunity to develop your own client register with the view to becoming a fully-fledged self-employed insurance broking business within a structure superior to any existing franchise agreement.
Manager, Sales and Relationships/ Business Development Manager
27 January 2012
Innovative market leader I Strong culture I Be responsible for the Sunshine Coast - Gold Coast region I Attractive Package (including salary sacrifice vehicle) I Tools of trade include smart phone and laptop
Public Liability Litigated Claims Officer
24 January 2012
Are you an expert in managing public liability claims, and want to move out of private practice? 12 month contract opportunity for you to get your foot in the door of a successful Australian business.
Business Development Manager, WA
20 January 2012
An exciting opportunity exists for an experienced BDM to join our friendly and supportive organisation that really makes a difference in the community. Position has arisen due to an internal promotion. Great team environment!
Data Entry
18 January 2012
An underwriting agency is seeking an experienced WinBEAT Processor/Administrator to join their small but busy team.
Business Development Officer
17 January 2012
The Business Development Officer is responsible for growing MIGA's Queensland business through the development and implementation of marketing and promotional initiatives, the identification of sales opportunities and implementation of sales strategies.
This week's most popular
- Steve Lardner set to retire »
- QBE performance wobbles »
- Losses continue to grow at Calliden »
- Insurers gouging, says Bligh »
- Club Marine CEO injured in road crash »
- Lumley appoints new distribution head »
- Industry defends strata insurance pricing »
- Suncorp sees big opportunities in AMP deal »
- Disasters bite into Wesfarmers’ insurance profit »
- General insurers in good shape despite disasters »