Prime Minister Sitiveni Rabuka announced that the Cabinet has approved the initiation of 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 from the Office of the Prime Minister, Rabuka noted that the Bank of South Pacific Financial Group Limited, the parent company of BSP, plans to restructure BSP Financial Group Limited – Fiji by transitioning its Fiji Branch operations into a subsidiary model.
Rabuka explained that this move aligns with recent trends in global corporate financial structures. To enhance operational efficiencies, BSP Fiji aims to facilitate this transition through legislation, which would involve assigning the existing business of BSP Fiji to the new subsidiary.