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.
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