Westpac's decision to sell its Cook Islands operation has led some customers to consider cancelling their accounts, local media reported. <\/p>\n
Westpac recently announced the sale of its operations in Samoa, the Cook Islands, the Solomon Islands, Vanuatu and Tongato the Papua New Guinea-based Bank of South Pacific for A$125 million <\/p>\n
Westpac said it would work with BSP, which has existing operations in Fiji and the Solomons, to ensure a smooth transition to the new owner for customers. <\/p>\n
But the sale has concerned some Westpac Cook Islands customers, according to a report by Cook Islands News. <\/p>\n
Customers who contacted CINews about the sale said they were worried about the stability of BSP, and concerned that it would not give the same access to New Zealand and Australian accounts as Westpac had. <\/p>\n
\"I believe PNG is one of the most corrupt countries in the world corruption is endemic,\" one customer told the news service. <\/p>\n
Another customer told CINews the sale raised issues about a lack of connectivity by SPB with a New Zealand and Australian branch network. <\/p>\n
\"Many local businesses have NZ bank accounts used to conduct business. So many Westpac commercial customers would likewise have Westpac NZ accounts.\" <\/p>\n
Westpac has said it will be business as usual for its Cook Islands customers until the sale is completed in the middle of this year. <\/p>\n
- Stuff <\/p>\n
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Bank sale concerns Cook Islanders<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Westpac's decision to sell its Cook Islands operation has led some customers to consider cancelling their accounts, local media reported. Continue reading