Prime Minister Sitiveni Rabuka has announced that the Cabinet has approved plans for national consultations with relevant stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji, alongside the draft BSP Fiji Bill 2024.
According to a statement from the Office of the Prime Minister, the Bank of South Pacific Financial Group Limited, the parent company of BSP, aims to restructure BSP Financial Group Limited – Fiji by changing its operations from a branch to a subsidiary model.
Rabuka noted that this move aligns with recent global trends in corporate financial structures and aims to enhance operational efficiencies. BSP Fiji plans to implement this conversion through legislation, transferring its existing operations to the new subsidiary.