The Commonwealth Bank of Australia says it's in discussions with the Bank of South Pacific regarding the potential sale of the Commonwealth Bank’s banking and
insurance businesses in Fiji.
The Bank has confirmed that BSP has approached them regarding its interest in acquiring National Bank of Fiji Limited (trading as Colonial National Bank) and Colonial Fiji Life Limited.
"A consequence of these discussions is that BSP has made an indicative non-binding offer and requested a period of exclusive due diligence," a statement from the Commonwealth Bank said.
"The Commonwealth Bank Board of Directors in Sydney has considered the terms of the offer and agreed to further discussions and the commencement of due diligence."
The Bank says any decision made will take into consideration the interests of employees, customers and shareholders.
BSP has a 52 year history and is Papua New Guinea’s largest retail and commercial bank with 35 branches.
It also has regional representation in Niue, Solomon Islands and operates two branches in Fiji under a full banking licence.