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, the parent company, is planning to restructure BSP Financial Group Limited – Fiji by turning its Fiji Branch operations into a subsidiary.
This move aligns with recent global trends in corporate financial structures and aims to enhance operational efficiency. BSP Fiji intends to implement this conversion through legislation, which would involve transferring the existing business to the new subsidiary.