Westpac Banking Corporation
(ASX:WBC) has inked a deal to sell its operations in five Pacific Island nations for $125 million.
The bank will offload its banking operations in Samoa, Cook Islands, Solomon Islands, Vanuatu and Tonga to the Bank of South Pacific Limited (BSP).
Westpac plans to retain its operations in Fiji and Papua New Guinea to focus on its growth plans in these larger markets.
The sale is expected to be tied up in the middle of this year subject to the necessary statutory, regulatory and third party approvals.
Westpac Banking Corporation reported a net profit of $7.62 billion in the 2014 financial year.
