Prime Minister Sitiveni Rabuka has announced that the Cabinet has agreed to hold national consultations with relevant stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji and the draft BSP Fiji Bill 2024.
In a statement issued by the Office of the Prime Minister, Rabuka explained that the Bank of South Pacific Financial Group Limited, which is the parent company, plans to restructure BSP Financial Group Limited – Fiji by transforming its Fiji Branch operations into a subsidiary.
He noted that this move aligns with global trends in corporate financial structures and aims to enhance operational efficiencies. To facilitate this conversion, BSP Fiji intends to implement the change through legislation, which will involve assigning its existing business to the newly formed subsidiary.