Prime Minister Sitiveni Rabuka has announced that the Cabinet has agreed to initiate national consultations with key stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji, along with the draft BSP Fiji Bill 2024.
In a statement from the Office of the Prime Minister, Rabuka explained that the parent company, Bank of South Pacific Financial Group Limited, plans to reorganize BSP Financial Group Limited – Fiji by changing its Fiji Branch operations into a subsidiary structure.
Rabuka indicated that this move aligns with current global trends in corporate financial structures and aims to enhance operational efficiency. The proposed conversion will be implemented through legislation, transferring BSP Fiji’s existing business into the newly formed subsidiary.