Prime Minister Sitiveni Rabuka has announced that the Cabinet has approved national consultations with key stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji and the draft BSP Fiji Bill 2024.
In a statement from the Office of the Prime Minister, Rabuka explained that the Bank of South Pacific Financial Group Limited, which is the parent company of BSP, plans to restructure BSP Financial Group Limited – Fiji by converting its operations in Fiji into a subsidiary.
This move aligns with recent global trends in corporate financial structures and aims to enhance operational efficiency. Under the proposed legislation, BSP Fiji intends to transfer its existing business to the newly created subsidiary.