Weekly Niue News http://www.niuenews.nu/ [2004-09-11: list updated for new site] _______________________________________________ > We have 3 guests online > [date.gif] Thursday, 23 September 2004 > > STAFF SAFE AS PNG BANK BUYS OUT WESTPAC NIUE BRANCH > > Niue's Westpac Bank branch is closing its doors after 18 years > of service to the island. The branch and its liabilities have > been purchased outright by the Papua New Guinea based Bank of > South Pacific for an undisclosed sum. The official takeover > will be on October 1. The Bank of South Pacific retail manager > is in Auckland at present negotiating with New Zealand banks > to handle its currency and money transfer services. He will be > visiting Niue for discussions with government next week. > > The Bank of South Pacific head of shared services Andy Cottam > told Niue News from Port Moresby that the current staff will > remain but there will be a PNG manager. > > "Niue is our first offshore branch - we wanted to purchase a > small branch so we can gain experience in Pacific islands," > said Mr Cottam. He added that the bank would look closely at > introducing ATM and EFTPOS devices although no decision had > been made on those facilities at present. > > From from October 1 customers should not notice too much > difference in the services said Mr Cottam "We will have new > stationary and the staff will have new unforms but apart from > that most things will remain the same," he added. Bank of > South Pacific has 50 % of the market in PNG, it boasts 35 > branches and has a staff of nearly 2000. > > In July it paid K19,990m of its profits to shareholders. > > Westpac said it was committed to its Pacific operations but > had decided to sell this tiny island branch after an approach > from the other bank. > > "It makes strategic sense for the Bank of South Pacific," a > Westpac spokesman said. > > Westpac's chief executive Pacific Banking Alan Walter said the > bank made sure the new owner was committed to providing > ongoing personal customer service in Niue. > > "Bank of South Pacific will enter into a memorandum of > understanding with the government of Niue and it's committed > to providing the people of Niue with ongoing face-to-face > banking services with local faces," Mr Walter said. > > Westpac has Pacific banking operations throughout the Cook > Islands, Fiji, Samoa, Solomon Islands, Tonga, Vanuatu and > Papua New Guinea. > > Last Updated ( Wednesday, 22 September 2004 ) > 2081 Visitors
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